Introduction

E Ray Canterbery

Chapter 1 in The Rise and Fall of Global Austerity, 2015, pp 1-11 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Austerity is a 17th century noun, which has new-found popularity. It was the most researched term of 2010. It has three layers of definitions. In no case is it a pleasant term. In the first instance it refers to severity or plainness, severity of discipline, regime, expression, or design. In the second layer of meaning it is an economy measure: a saving, economy, or act of self-denial, especially in respect of something regarded as a luxury. It invokes the idea of self-flagellation at the personal level. Still, not forgetting about the notion of self-denial, we will be concerned mostly with the third layer of meaning. Austerity is enforced thrift: thrift imposed as government policy, with restricted access to or availability of consumer goods. With regard to public policy, it has a broader meaning with broader implications, the outcomes including poverty and ill-health. In a period of slow recovery from the Great Recession, should we really be worried about austerity…

Keywords: Austerity; Expansionary Austerity; Housing Bubble; Global Great Recession; Austerity Lobby; Monetary Policy; Fiscal Policy; Incomes Policy; Full Employment; Public Debt; Austerity in Europe; Domestic Inequality; Global Inequality; Economic Growth; Post Keynsesians; John Maynard Keynes; Michal Kalecki; Piero Sraffa; Hyman Minsky; Vita Theory; Trickle-Down Economics; Keynesians; Trickle-Up Economics; Keynesian Economics; Trends in Suicide Rates; Health and The Economy; Alan Greenspan; Ben Benanke; Janet Yellen; Federal Reserve Board; European Central Bank; The Euro (search for similar items in EconPapers)
Date: 2015
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