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Professor_Mark_Blyth__Lisbon_December_2013_final (1).pdf

Professor_Mark_Blyth__Lisbon_December_2013_final (1).pdf

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Published by: David Crisóstomo on Dec 03, 2013
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Austerity: The History of a Dangerous Idea
“Does Austerity Kill? Does Austerity Cure?”
IDEFF - Law School of Lisbon University November 29
So What is Austerity Anyway?
Austerity is not cutting
when you grow. Cutting
when you grow is commonly known as
‘sensible economic policy.
“The Boom, not the slump, is the time for Austerity”
J.M. Keynes, 1933
Austerity is cutting in a slump, which is turbocharged when everyone does it at the same time and they are all each others trading partners
”It is an
undisputable fact
that excessive state spending has led to unsustainable levels of debt and deficits that now threaten our economic welfare. Piling on more debt now will stunt rather than stimulate growth in the long run. Governments in and beyond the Eurozone need not just to commit to fiscal consolidation and improved competitiveness
 they need to start
delivering on these now.”
W. Schauble, 2010
So we have to cut the debt

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