Why Austerity is Baked In to the UK
Update: 2024-09-10
Description
The Austerity Paradigm. Read our paper here:
https://scotonomics.scot/policy/explaining-austerity/
Austerity takes three forms. Fiscal retraction reduces government spending on welfare, especially unemployment benefits and pensions, and targets cutbacks in health, education, and social care. Industrial retraction reduces spending on infrastructure projects. Monetary austerity maintains high interest rates. Together, these shrink the expenditures on and consumption of the poorest section of society. All are supported by the economic conventional wisdom.
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