Summary:
The book examines the economic policy of austerity through empirical data, analyzing its effects on debt reduction and economic growth across different countries. It challenges the conventional wisdom that fiscal consolidation is always harmful to economies, arguing that austerity can be effective when focused on spending cuts rather than tax increases, and when implemented during periods of economic growth.
Key points:
1. Austerity and Growth: The book argues that austerity doesn't always harm the economy. It suggests that spending cuts can lead to growth if done right and paired with growth-friendly policies like labor market reforms.
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