In the News (from The Wall Street Journal): “Greek gross domestic product fell 7% in the fourth quarter from the year-earlier period, the country’s statistics agency said, bringing the total GDP drop since the end of 2007 to more than 16%. Greece’s statistics service hasn’t issued quarter-to-quarter data for the past several quarters because of methodological problems adjusting for seasonal swings in activity….
“The steep contractions are fueling criticism of the strict austerity policies adopted across Europe’s periphery in response to the debt crisis. A number of economists argue that continued government spending cuts will make it even harder for the most vulnerable countries to recover.”
My Comment: Economics is not a science, but assumptions and hypotheses, but are not enough to see the logical following consequences.