Alberto Alesina is a professor of economics at Harvard University Department of economics He published numerous articles arguing that the fiscal contraction can be expansionary even in the short run. Particularly “Large Changes in Fiscal Policy: Taxes Versus Spending” 2010
A definition Austerity is a form of voluntary deflation in which the economy adjusts to restore competitiveness through the reduction of wages prices and public spending, which is supposedly best achieved by cutting the state’s budget debt and deficit. Doing
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