The Austerity Chronicles

Apr 5, 2019

„After years of mounting polemics against austerity policies, Keynesian dogma has become something close to a secular religion in popular economic-policy debates. But a new study of 16 advanced economies shows that, as with all dogmas, righteousness is no substitute for empirical facts.

CAMBRIDGE – In Austerity: When It Works and When It Doesn’t, the central conclusion reached by economists Alberto Alesina, Carlo Favero, and Francesco Giavazzi is one that most modern-day Keynesians and progressives will hate. In cases when circumstances have forced a country into fiscal retrenchment, the authors show, cutting government spending has cost less than tax increases in terms of foregone output and employment.“ (…)


https://www.project-syndicate.org/onpoint/the-austerity-chronicles-by-kenneth-rogoff-2019-04?utm_source=Project%20Syndicate%20Newsletter&utm_campaign=47b24ece37-op_newsletter_2019_05_4&utm_medium=email&utm_term=0_73bad5b7d8-47b24ece37-106440339&mc_cid=47b24ece37&mc_eid=4ddf8a88ec&barrier=accesspaylog

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