Estonia, Russia, and the Merits of Expansionary Austerity

[RussiaPrussia]

http://www.forbes.com/sites/markadom...ary-austerity/

[The Ripper]

Now, I'm not an economic genius, but that article is ridiculous. It can be summed in this bit:

Now the practical, policy-related lessons that can be drawn from this, I think, are relatively modest. Estonia and Russia are very different countries with very different economic structures. Estonia is an extremely small, extremely open, and extremely liberal economy, while Russia is a very large, not very open, and not very liberal one: you can’t simply export economic policy from one to the other and expect to receive similar results.

Or like someone in the comments said:

Even a dummiest country on this planet could keep it’s books balanced if it has vast natural resources to sell. Nigeria comes to mind.

That Mark Adomanis seems like some kind of Russian fanboy.