ONE of the world's leading economic historians has slammed Labor's "needless pseudo stimulus" spending.

Niall Ferguson has also criticised the election campaign's "pathetic" debate over capping immigration and population growth.

The visiting Harvard history professor said yesterday Australia's budget stimulus -- the third biggest in the developed world -- had not been justified by the size of the global financial crisis hit to this country's economy.

As well, Labor's budget stimulus had been weighted too much to increased spending rather than tax cuts or on rationalising the tax system.

It was "inconceivable" that Labor's budget stimulus had delivered significant macro-economic benefits, while it probably involved large macro-economic costs. "I think the whole thing was an over-reaction," he told a Centre for Independent Studies lunch in Sydney.

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Professor Ferguson said the quality of Australia's election debate on immigration and population was "strongly reminiscent of the quality of debate in (Scotland's) Strathclyde region council".

gustav - schonfeld - 7/28/2010

I have read some of Ferguson's books he writes well and entertainingly. Unfortunately, it is becoming increasigly clear with the passage of time that the professor has strongly held opinions, which are reported as the words of a zealot on the right. If the reporting is correct, shame on him for losing his academic coolness of judgement. Further, if the reporting is true, we can be greatful he is not in a position to impose his will on the rest of us.