Parsimony, Be Gone
Political Economist Mark Blyth Says Austerity Is Not Our Friend
Austerity never works. This was the argument of Brown University political economist Mark Blyth, author of Austerity: The History of a Dangerous Idea, as he offered his perspective on economic policy to an audience at the Goethe-Institut Los Angeles. The idea that a country cuts in order to grow is backward. “In order to save, you need to have income from which to save,” he said. If every nation tries to save at once, no nation generates any income, no one buys any products, GDPs shrink all around, and debt …
