Does Austerity Promote Economic Growth?

by Robert Shiller Robert Shiller, Professor of Economics at Yale University, is co-author, with George Akerlof, of Animal Spirits: How Human Psychology Drives the Economy and Why It Matters for Global Capitalism. 12.02.2012

Introduction

J. Guajardo, D. Leigh, and A. Pescatori of the IMF recently studied austerity plans implemented in 17 counries .Their analysis found a clear tendency for austerity programs to reduce consumption expenditure and weaken the economy.


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