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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Comments
EPW looks forward to your comments. Please note that comments are moderated as per our comments policy. They may take some time to appear. A comment, if suitable, may be selected for publication in the Letters pages of EPW.