Austerity vs Stimulus : The Political Future of Economic Recovery

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. Read more... Abstract: 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 Front Matter ....Pages i-xxiii Front Matter ....Pages 1-1 Austerity in the Tension Between Capitalism and Democracy (Robert Skidelsky, Nicolò Fraccaroli)....Pages 3-8 Front Matter ....Pages 9-9 Keynes Vs Hayek (Robert Skidelsky, Nicolò Fraccaroli)....Pages 11-15 Contemporary Arguments for Austerity (Robert Skidelsky, Nicolò Fraccaroli)....Pages 17-34 Contemporary Arguments for Stimulus (Robert Skidelsky, Nicolò Fraccaroli)....Pages 35-54 Front Matter ....Pages 55-55 Austerity: A Solution to Restore Markets’ Confidence (Robert Skidelsky, Nicolò Fraccaroli)....Pages 57-61 Myths of Austerity (Robert Skidelsky, Nicolò Fraccaroli)....Pages 63-65 Debating the Confidence Fairy (Robert Skidelsky, Nicolò Fraccaroli)....Pages 67-70 Confidence in the UK Is Different from the One in the Eurozone (Robert Skidelsky, Nicolò Fraccaroli)....Pages 71-76 Confidence Beyond Debt: The Role of Monetary Policy (Robert Skidelsky, Nicolò Fraccaroli)....Pages 77-85 Schizophrenic Confidence? (Robert Skidelsky, Nicolò Fraccaroli)....Pages 87-90 Front Matter ....Pages 91-91 Austerity for the UK (Robert Skidelsky, Nicolò Fraccaroli)....Pages 93-94 Stimulus for the UK (Robert Skidelsky, Nicolò Fraccaroli)....Pages 95-97 “Keynesian Austerity” (Robert Skidelsky, Nicolò Fraccaroli)....Pages 99-107 Britain’s Confidence (Robert Skidelsky, Nicolò Fraccaroli)....Pages 109-115 The Economic Consequences of Mr. Osborne (Robert Skidelsky, Nicolò Fraccaroli)....Pages 117-125 Niall Ferguson’s Wishful Thinking (Robert Skidelsky, Nicolò Fraccaroli)....Pages 127-132 More Keynesian Than Keynes (Robert Skidelsky, Nicolò Fraccaroli)....Pages 133-135 A Final Word with Ferguson (Robert Skidelsky, Nicolò Fraccaroli)....Pages 137-138 A Stimulus Policy for the UK (Robert Skidelsky, Nicolò Fraccaroli)....Pages 139-147 Front Matter ....Pages 149-149 The Economics of Debt (Robert Skidelsky, Nicolò Fraccaroli)....Pages 151-155 George Osborne’s Economics: Austerity in the UK (Robert Skidelsky, Nicolò Fraccaroli)....Pages 157-159 Conservatives and Keynes (Robert Skidelsky, Nicolò Fraccaroli)....Pages 161-162 The Political Power of Austerity (Robert Skidelsky, Nicolò Fraccaroli)....Pages 163-176 Back Matter ....Pages 177-183