 Krugman rejected this focus on structural reforms combined with fiscal austerity.Instead he advocated traditional Keynesian fiscal (government spending and investment) and monetary stimulus, arguing that the primary factor slowing the developed economies at that time was a general shortfall in demand across all sectors of the economy, not structural or supply-side factors that affected particular sectors.As far as his position on India is concerned, Rajan stayed away from the Bhagwati vs. Sen debate, and has tended to sympathize with both sides of the so-called "growth vs. welfare" argument.