Austerity never had a basis in economic theory. My first economics class was in 1961 and even then austerity was clearly a bad response to recession. Only ignorance and/or political allegiance could claim otherwise.
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Source:
http://www.theatlantic.com/business/archive/2013/04/who-is-defending-austerity-now/275200/
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Source:
http://www.theatlantic.com/business/archive/2013/04/who-is-defending-austerity-now/275200/
Description:
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