The Daily Uh-Oh: Econ Errors Edition

Economists' case for austerity attacked - CNN.com:

The intellectual case for fiscal austerity came under attack on Tuesday as two of the world's best-known economists were accused of sloppy statistics.

Kenneth Rogoff and Carmen Reinhart of Harvard University found that economic growth falls to a mean average of minus 0.1 per cent when public debt is greater than 90 per cent of output.

But researchers at the University of Massachusetts, Amherst, said that when they repeated the analysis with the same data they got a figure of plus 2.2 per cent...