Austerity and Stupidity

oday’s austerity, many argue, is stupid. This column argues that today’s EZ austerity may arise from stupidity before the crisis – specifically lacklustre structural reform. Excess debt arose in nations maintaining unsustainable living standards and welfare systems in the face of poor growth. The Crisis forced radical adjustments such as austerity in a recession.

Deadweight Loss Re-defined

Removing Deadweight Loss from Economic Discourse on Income Taxation and Public Spending by Charles F. Manski Published by 18 August 2013 Economists usually think of taxation as inefficient. This column argues that the anti-tax rhetoric evident in much lay discussion of public policy draws considerable support from the prevalent negative language of professional economic …