Government Austerity and Socioeconomic Sustainability
Public anger about bankers' bonuses may seem distant from some NGO concerns but it also reflects a wider frustration that government is sitting on its hands. It's a close cousin to the desire the environment community has for active, strategic government and governance for the long term.
The effect of such inquiry will be that it will generate new proposals for institutional and policy reform. Big ideas emerge from hard times, but survive for decades. The depression of the s resulted in both the birth of the welfare state, and the Hayekian anti-regulation thinking which led directly to today's financial implosion.
Out of the current crisis will emerge new expectations of what is needed from the state, society and business. It's a good time to make the case for a new settlement, where communities are given greater power in return for new environmental responsibilities, businesses are given a licence to operate in return for sustainable long-term investment, and the state reinvents its purpose as sustainability, negotiating the big private and public shifts in behaviour we need to achieve stability in a resource depleted world.
We need to escape the confines of austerity thinking and to set more optimistic terms for the post-crisis phase of politics. Topics Green economy. Environmental activism Green politics comment. Reuse this content.
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Auteur: Alberto Alesina Carlo Favero. Uitgever: Princeton University Press. Co-auteur: Francesco Giavazzi. Samenvatting A timely and incisive look at austerity measures that succeed-and those that don't Fiscal austerity is hugely controversial. Opponents argue that it can trigger downward growth spirals and become self-defeating. Supporters argue that budget deficits have to be tackled aggressively at all times and at all costs.
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In this masterful book, three of today's leading policy experts cut through the political noise to demonstrate that there is not one type of austerity but many. Looking at thousands of fiscal measures adopted by sixteen advanced economies since the late s, Austerity assesses the relative effectiveness of tax increases and spending cuts at reducing debt. It shows that spending cuts have much smaller costs in terms of output losses than tax increases.
Spending cuts can sometimes be associated with output gains in the case of expansionary austerity and are much more successful than tax increases at reducing the growth of debt. The authors also show that austerity is not necessarily the kiss of death for political careers as is often believed, and provide new insights into the recent cases of European austerity after the financial crisis.
Pakistan Budget: How Mr.“U-turn” Khan totally neglected Pakistan’s socio-economic development
Bringing needed clarity to one of today's most challenging subjects, Austerity charts a sensible approach based on data analysis rather than ideology. Toon meer Toon minder. Recensie s This pathbreaking book will be the reference for researchers, students, and practitioners for many years to come.
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Drawing on careful data analysis, Austerity demonstrates how fiscal consolidation is sometimes unavoidable, how spending cuts are better than tax increases, and how politicians pursuing them can get reelected. This is what economics is for!
Truly well written, highly recommended. The same holds for austerity. The policy recommendations are then straightforward: have less of the unproductive expenditures and more of the productive. It is not just about cutting government spending, this is an undercomplex strawman. Sadly, intellectual honesty seems to have been completely abandoned in the debate about Greece, the Euro and austerity — also and maybe even more so from the degrowth community.
What can you make out of all this for the case of degrowth? After all, who is happy when income and sales taxes go up and wages go down?
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Reminds us about the s and deflation. That is the valuable argument against too much pressure on demand and it can be used in the discussion about Greece. But the second important conclusion is that some burdens on demand are quite helpful, especially an increase in resources prices that would make production of goods and services more expensive.
This would provide an ecologically beneficial effect and make the economy more resource-efficient. In order to tackle prices, deregulating product markets could help ease inflation.