The Situation Has Developed Not Necessarily to Ireland's Advantage

When would it be time to judge the Irish experiment in preemptive fiscal austerity to be a failure, Tyler?

Tyler Cowen:

Marginal Revolution: One green shoot: "Ireland climbed out of recession on Wednesday with the economy returning to growth in the first quarter [2.7 percent:], after suffering one of the deepest downturns of any advanced industrialised economy." Don't get too giddy with optimism: the Irish economy had declined fifteen percent.  Still, it's far too early to judge the...