“Austerian” economics: Does the Vienna school favor fiscal deficit reduction even in a subpar economy?

Lawrence White ()

The Review of Austrian Economics, 2014, vol. 27, issue 4, 358 pages

Abstract: Does the economic analysis associated with the modern Austrian school favor a policy of restraining the government’s fiscal deficit even in a subpar economy, as suggested by those who (pejoratively) label such a policy “austerian”? Because resources are not superabundant even in a subpar economy, the answer is yes, unless (implausibly) the return on the last (lowest-payoff) dollar of government expenditure exceeds the return on private investment. Copyright Springer Science+Business Media New York 2014

Keywords: Austerian; Austerity; Austrian; Fiscal deficit; Free lunch; Hayek; Keynes; Mises; Multiplier; Ricardian equivalence; JEL codes; B2; E3; E6; H6 (search for similar items in EconPapers)
JEL-codes: B2 E3 E6 H6 I (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s11138-014-0278-4

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