Negative Space: austerity
- Austerity is not the only answer
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According to the Financial Times, Austerity is not the only answer to a debt problem. The other answer is a paywall.
- The austerity of the drunkard
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If you’re an alcoholic and you redefine “abstinence” to mean “drink more”, you might very well solve your drinking problem: by killing yourself.
- Austerity really means raising taxes
- When Paul Krugman claims that austerity is a failure, he defines it as cutting spending; but in fact, his examples are all of countries that raised taxes often along with raising spending.
- Beware the Austerity of the Politician
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Austerity, to politicians, doesn’t mean what you think it means.
- Economic misterminology: recessions that never end
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When we remove causes and effects from our descriptions of economic events, such as recessions, we lose our ability to change for the better.
- Pluto is not a planet, and other respectable murders
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If Pluto is not a planet, and tomatoes are not vegetables, then austerity can mean higher taxes and more spending.
More Information
- Europe’s Failed ‘Austerity’
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“Given Europe’s continued slow growth, Professor Krugman might have an argument to make—if there actually had been any austerity in Europe over the last two years.”
- Krugman’s Still Wrong
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“Paul Krugman has never been shy about proclaiming that he is right and everyone else is wrong—and not just wrong, but ‘knaves and fools.’ Lately, however, one begins to worry that he might actually hurt himself, so vigorously has he been patting himself on the back for his opposition to ‘austerity’ (defined as any cut in government spending, anytime, anywhere).”
- A Question of Spending Discipline and Reform
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“The Baltic States are unique in Europe in that they went through an austerity crash program a while ago already (beginning right after the 2008 crisis) and have in the meantime recovered strongly. Der Spiegel has an interesting interview with Lithuanian president Dalia Grybauskaite, in which she explains her views on the topic. It can obviously be done successfully.”
