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Austerity is grounded in liberal economics' view of the state and sovereign debt as deeply problematic. Blyth traces the discourse of austerity back to John Locke's theory of private property and derivative theory of the state, David Hume's ideas about money and the virtue of merchants, and Adam Smith's
[further explanation needed] Figures in this school included Dominique Strauss-Kahn, Olivier Blanchard, Gordon Brown, Paul Krugman, and Martin Wolf. [147] [148] [149] Austerity was another response, the policy of reducing government budget deficits. Austerity policies may include spending cuts, tax increases, or a mixture of both.
Austerity: The History of a Dangerous Idea is a 2013 book by Mark Blyth that explores the economic policy of austerity.Studying the use of austerity around the world up to the early 2010s and tracing its intellectual lineage, Blyth argues that the case for increasing economic growth through austerity is overstated, is counterproductive when implemented during recessions, and has exacerbated ...
"Austerity" turned out to be the word most searched for in the Merriam-Webster online dictionary in 2010. The term means having "enforced or extreme economy." And it's the opposite of that very ...
CBO explained why it expects the sequestration to reduce outlays by $42 billion in fiscal year 2013, although the automatic budget cuts total $85 billion: "The $85 billion represents the reduction in budgetary resources available to government agencies this year as a result of the sequestration.
There’s understandable confusion over Capitol Hill lingo discussing the budget process and appropriations and spending process — which are two distinct things. This is the process that ...
Despite the persistent rise in living costs due to inflation over the past two years, certain goods and services have become more affordable, offering a reprieve for consumers. While inflation has...
Neoliberalism is contemporarily used to refer to market-oriented reform policies such as "eliminating price controls, deregulating capital markets, lowering trade barriers" and reducing, especially through privatization and austerity, state influence in the economy. [7]