Austerity

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A harmful supposed antidote to recession that has failed miserably both in academia and the real world. Popular among politicians only for achieving right-wing goals. A shibboleth. Used to oppose Keynesian economics.

Links

The biggest economic policy mistake of the last decade, and it had nothing to do with academic economists [More...]
Austerity: “Its predictions have proved utterly wrong; its founding academic documents haven’t just lost their canonized status, they’ve become the objects of much ridicule.”
NEW 1/03/2019: Tom the Dancing Bug: A Desert Island Recession [More...]
A simple and clear comic example of how a shock can cause a recession.

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