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Author: Robert Skidelsky
Publisher: Springer
ISBN: 3319504398
Category : Business & Economics
Languages : en
Pages : 186
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Book Description
This timely book debates the economic and political logic of the austerity policies that have been implemented in the UK and in the Eurozone since 2010 and asks whether there is any alternative for these countries in the years ahead. The work reconsiders the austerity versus stimulus debate through the voices of those who proposed the successful idea of expansionary austerity and those who opposed it. The editors have brought together a collection of articles written by some of the most notable figures in the discipline, including the likes of Alberto Alesina, Ken Rogoff, Tim Besley, David Graeber, Vince Cable, and Paul Krugman. The book also features the debate between Niall Ferguson and Robert Skidelsky. These leading thinkers unveil a world where economists are far from agreeing on economic policy, and where politics often dominates the discussion. The question of whether the British government should have opted for austerity runs through the book, as well as how sustained economic recovery should be encouraged in the future. Scholars, students and members of the general public with an interest in the financial crisis and its lingering aftermath will find this work invaluable.
Author: Robert Skidelsky
Publisher: Springer
ISBN: 3319504398
Category : Business & Economics
Languages : en
Pages : 186
Get Book Here
Book Description
This timely book debates the economic and political logic of the austerity policies that have been implemented in the UK and in the Eurozone since 2010 and asks whether there is any alternative for these countries in the years ahead. The work reconsiders the austerity versus stimulus debate through the voices of those who proposed the successful idea of expansionary austerity and those who opposed it. The editors have brought together a collection of articles written by some of the most notable figures in the discipline, including the likes of Alberto Alesina, Ken Rogoff, Tim Besley, David Graeber, Vince Cable, and Paul Krugman. The book also features the debate between Niall Ferguson and Robert Skidelsky. These leading thinkers unveil a world where economists are far from agreeing on economic policy, and where politics often dominates the discussion. The question of whether the British government should have opted for austerity runs through the book, as well as how sustained economic recovery should be encouraged in the future. Scholars, students and members of the general public with an interest in the financial crisis and its lingering aftermath will find this work invaluable.
Author: Rafael Yanushevsky
Publisher: Createspace Independent Publishing Platform
ISBN: 9781541374683
Category :
Languages : en
Pages : 80
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Book Description
The two camps of economists have different views concerning how to improve the economy in times of economic downturn. Representatives of the first camp do not believe that a large national debt will inevitably undermine economic growth and can even throw the economy into recession. They consider government spending on infrastructure as an efficient strategy and support the approach based on additional government borrowing. Another group of economists that concerns with high government debt which, as they believe, can inevitably undermine economic growth, supports austerity measures. Economists belonging to this camp consider the solution of the huge national debt problem as an urgent task. They believe that the approach based on additional government borrowing with a hope that this will help decrease the debt in the future has less probability of success than immediate austerity measures. The authors hope that their book will add insight to this debate. The developed models relate to the two approaches used to improve the economy in periods of economic downturn. The important issue is discussed: whether it is better to let debt increase in the hope of stimulating economic growth to get out of the slump or cut spending to get national debt under control. Austerity and spending are very hot topics discussed by economists, politicians, and journalists. Unfortunately, there is no an agreement concerning a proper fiscal policy to improve the economy. The book shows how to use the developed models to evaluate the dynamics of the debt to GDP ratio for the cases of government spending and tax cuts and make decision whether such economic measures are efficient. It also offers an approach to establish yearly goals to decrease a country's debt based on a long-term goal and balance its budget in a certain number of years. The book contains concrete examples related to the U.S. economy and computer programs used to solve these examples; these programs can be used to analyze the economies of other countries. Basic facts about stimulus and austerity policies are given in Chapter 1. The system approach is used to analyze these policies. Their main goals and related macroeconomic parameters of economic models are discussed. Special attention is paid to the debt to GDP ratio, which is considered as a compromised criterion to evaluate stimulus and austerity policies. Chapter 2 contains the debt to GDP ratio dynamics models developed to forecast the evolution of debt to GDP ratio over a 10-years horizon and evaluate the efficiency of government stimulus policy.Austerity policy is discussed in Chapter 3. The results of optimal theory are used to obtain optimal yearly debt levels that should be realized by an appropriate fiscal policy of the government. A more moderate policy of balancing budget by a specific year is also discussed. In Chapter 4 the theoretical results of Chapter 2 and Chapter 3 are used to evaluate the implemented economic policies. Comparative analysis of the results, based on the developed models, with the recommendations used by the U.S. government during the 2008 financial crisis and expectations, which were not well founded, is presented. . Several approaches that can improve the economy are considered. Chapter 5 contains software developed to solve multiple examples presented in the previous chapters. It can be useful for researchers who would test the considered models and use them in practice.
Author: Rafael Yanushevsky
Publisher: LAP Lambert Academic Publishing
ISBN: 9783659645259
Category :
Languages : en
Pages :
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Book Description
The two camps of economists have different views concerning how to improve the economy in times of economic downturn. In contrast to those who consider government spending as an efficient strategy and support the approach based on additional government borrowing with a hope that this will help decrease the debt in the future, another group of economists, concerned with high government debt, which, as they believe, can inevitably undermine economic growth, supports austerity measures. Based on the developed debt to GDP ratio dynamics model, the authors examine whether the projected future economic growth (stimulated by government spending) is sustained with the resulting national debt. An approach to the problem of debt reduction and balancing budget is considered. The authors perform a series of simulations (based on US data) to forecast the evolution of the debt to GDP ratio over a 10-year horizon. The presented material contributes to the on-going debate about the government policy to boost the economy.
Author: Jiří Čáslavka
Publisher:
ISBN: 9788087753019
Category :
Languages : en
Pages : 31
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Book Description
Author: Régis Barnichon
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 25
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Book Description
Despite intense scrutiny estimates of the government spending multiplier remain highly uncertain with values ranging from 0.5 to 2. While a fiscal consolidation is generally assumed to have the same (mirror-image) effect as a fiscal expansion, we show that relaxing this assumption is crucial to understanding the effects of fiscal policy. The government spending multiplier is substantially below 1 for fiscal expansions, but the multiplier is substantially above 1 for fiscal consolidations.
Author: Thomas J. Schoenbaum
Publisher: Edward Elgar Publishing
ISBN: 1781951454
Category : Political Science
Languages : en
Pages : 225
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Book Description
This provocative look at the global financial crisis argues that the United States, the European Union and Japan have intentionally and unwittingly adopted wrong-headed economic policies in a futile attempt to deal with sovereign debt resulting from the global financial crisis. It offers persuasive evidence of how the politics of austerity fail to encourage economic recovery, and proposes instead a number of alternative ideas and solutions. The book begins with a detailed breakdown of the financial crisis and the government response in the United States, with particular focus on the Dodd-Frank Wall Street Reform and Consumer Protection Act. The author then puts forth a basic three-part plan calling for (1) fundamental tax and entitlement reform; (2) massive economic stimulus in the form of public and private investment to modernize the countryÍs aging infrastructures; and (3) mortgage relief to revitalize the nationÍs housing markets. The book concludes with specific policy proposals designed to achieve these goals and return the US economy to a state of full employment and robust economic growth. This timely and insightful volume will appeal to students and scholars of economics, public policy and finance, as well as anyone with an interest in the recent economic history of the United States.
Author: Sebastian Gechert
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
We analyze whether there are negative (positive) long-term effects of austerity measures (stimulus measures) on potential output growth. Based on the approach of Blanchard and Leigh ([Blanchard, O. J., 2013]) and Fatás and Summers ([Fatás, A., 2018]) and using a novel data set of narratively identified fiscal policy shocks, we estimate the impact of these shocks on potential output. We robustly find a considerable underestimation of multiplier effects and their persistence for most European countries in the early years after the financial crisis and subsequent Euro Area crisis. We conclude that fiscal consolidation was badly timed and thus not only deepened the crisis but may have caused evitable hysteresis effects.
Author: Mark Blyth
Publisher: Oxford University Press
ISBN: 0199389446
Category : Business & Economics
Languages : en
Pages : 305
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Book Description
In Austerity: The History of a Dangerous Idea, Mark Blyth, a renowned scholar of political economy, provides a powerful and trenchant account of the shift toward austerity policies by governments throughout the world since 2009. The issue is at the crux about how to emerge from the Great Recession, and will drive the debate for the foreseeable future.
Author: Suzanne J. Konzelmann
Publisher: John Wiley & Sons
ISBN: 1509534881
Category : Political Science
Languages : en
Pages : 148
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Book Description
Austerity has been at the center of political controversy following the 2008 financial crisis, invoked by politicians and academics across the political spectrum as the answer to, or cause of, our post-crash economic malaise. However, despite being the cause of debate for more than three centuries, austerity remains a poorly understood concept. In this book, Suzanne J. Konzelmann aims to demystify austerity as an economic policy, a political idea, and a social phenomenon. Beginning with an analysis of political and socioeconomic history from the seventeenth century, she explains the economics of austerity in the context of the overall dynamics of state spending, tax, and debt. Using comparative case studies from around the world, ranging from the 1930s to post-2008, she then evaluates the outcomes of austerity in light of its stated objectives and analyzes the conditions under which it doesn’t – and occasionally does – work. This accessible introduction to austerity will be essential reading for students and scholars of political economy, economics, and politics, as well as all readers interested in current affairs.
Author: Alberto Alesina
Publisher: Princeton University Press
ISBN: 0691208638
Category : Business & Economics
Languages : en
Pages : 290
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Book Description
A revealing look at austerity measures that succeed—and those that don't Fiscal austerity is hugely controversial. Opponents argue that it can trigger downward growth spirals and become self-defeating. Supporters argue that budget deficits have to be tackled aggressively at all times and at all costs. Bringing needed clarity to one of today's most challenging economic issues, three leading policy experts cut through the political noise to demonstrate that there is not one type of austerity but many. Austerity assesses the relative effectiveness of tax increases and spending cuts at reducing debt, shows that austerity is not necessarily the kiss of death for political careers as is often believed, and charts a sensible approach based on data analysis rather than ideology.
