Austerity

When is it a mistake and when is it necessary?

Professor John Fender (Autor)

Buch | Softcover

144 Seiten

2020
Agenda Publishing (Verlag)
978-1-911116-93-6 (ISBN)

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A clear and rigorous guide to the principles and mechanisms of austerity economics, which offers a balanced point of reference for anyone keen to understand the economic thinking behind key policy decisions in the wake of the financial crisis.

Austerity has dominated economic debate since the financial crisis of 2008. Governments have implemented austerity policies by reducing their spending on goods and services, increasing taxation and cutting welfare budgets.

John Fender explains how austerity (or "fiscal consolidation") works in theory and how it has played out in practice especially in the UK and the eurozone. He provides a clear and rigorous guide to the principles and mechanisms of austerity economics and offers a balanced account of the economic thinking behind contentious policy decisions.

Boris Johnson has said that the UK government "has absolutely no intention of returning to the 'A-word'", but with the Covid-19 crisis likely to result in much more government debt, it will be difficult to avoid more austerity. Understanding the impact of austerity policies is more important than ever and this book offers a first step on that path. For anyone seeking answers to such questions as: "What can we learn from the UK’s economic history that is relevant to current policy?", "Is austerity ever necessary or desirable?" and "Can the harmful effects of austerity programmes be mitigated?" then this book will be welcome reading.

John Fender is Professor of Macroeconomics and leader of the Macroeconomics and Finance Research Group at the University of Birmingham. His books include Understanding Keynes, Inflation: A Contemporary Perspective and Monetary Policy.

1. Introduction

2. The economics of austerity I

3. The economics of austerity II

4. The term structure of interest rates

5. A simple model

6. Austerity in the United Kingdom

7. Austerity in the eurozone

8. Austerity in the rest of the world

9. The optimal time path of government debt (or how should fiscal policy be conducted?)

10. Policy in a world where severe deflationary shocks are possible

11. Conclusion: when are austerity measures necessary or desirable?

Erscheinungsdatum	10.05.2021
Reihe/Serie	The Economy Key Ideas
Verlagsort	Newcastle upon Tyne
Sprache	englisch
Maße	138 x 216 mm
Themenwelt	Wirtschaft ► Volkswirtschaftslehre ► Makroökonomie
ISBN-10	1-911116-93-2 / 1911116932
ISBN-13	978-1-911116-93-6 / 9781911116936
Zustand	Neuware