ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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A Note on the Elementary Macroeconomics of Austerity

A Note on the Elementary Macroeconomics of Austerity

When austerity as a means for dealing with a recession is counterproductive, why is it recommended to deal with a defi ciency in aggregate demand? Or can it be justifi ed as a way to reduce the current account defi cit by lowering domestic absorption? A critical analysis of the macroeconomics underlying austerity policies.

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