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[The Anti-Economist]

The Austerity Myth


As economic adversity continues to spread, from Athens to Madrid, London to the Beltway, austerity has become a most dangerous idea. What now dominates the world is the popular theory that if countries just tighten their belts, strong growth and lower unemployment will soon follow. It is the opposite of the Keynesian lessons learned from

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is a senior fellow at the Roosevelt Institute and the author, most recently, of Age of Greed.

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