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Austerity is an economic policy strategy, but is also an ideology and an approach to economic management freighted with politics In this book Mark Blyth uncovers these successive strata In doing so he wields his spade in a way that shows no patience for fools and foolishness Barry Eichengreen, George C Pardee and Helen N Pardee Professor of Economics and Political Science University of California, Berkeley Of all the zombie ideas that have been reanimated in the wake of the global financial crisis, austerity is the most dangerous Mark Blyth shows how austerity created the disasters of the s, and contributed to the descent of the world into global war He shows how European austerity policies have prevented any recovery from the crisis of , while rescuing and protecting the banks and financial institutions that created the crisis An essential guide for anyone who wants to understand the current depression John Quiggin, author of author of Zombie Economics Most fascinating is the author s discussion of the historical underpinnings of austerity, first formulated by Enlightenment thinkers Locke, Hume and Adam Smith, around the good idea of parsimony and the bad idea of debt Ultimately, writes Blyth, austerity is a zombie economic idea because it has been disproven time and again, but it just keeps coming A clear explanation of a complicated, and severely flawed, idea KIRKUS REVIEWOne of the especially good things in Mark Blyth s Austerity The History of a Dangerous Idea is the way he traces the rise and fall of the idea of expansionary austerity, the proposition that cutting spending would actually lead to higher output EL As Blyth documents, this idea spread like wildfire Paul Krugman, The New York Review of Books Mark Blyth s fascinating analysis guides the reader through the historical ideology which has classified debt as problematic In doing so he outlinOne of the especially good things in Mark Blyth s Austerity The History of a Dangerous Idea is the way he traces the rise and fall of the idea of expansionary austerity , the proposition that cutting spending would actually lead to higher output As Blyth documents, this idea spread like wildfire Paul Krugman, The New York Review of BooksAn important polemic valid and compelling Lawrence Summers, Financial Times Essential reading The economy is much too important to leave to economists We need to understand how ideas shape it, and Blyth s new book provides an excellent starting point Washington MonthlySplendid new book Martin Wolf, Financial TimesAusterity is an economic policy strategy, but is also an ideology and an approach to economic management freighted with politics In this book Mark Blyth uncovers these successive strata In doing so he wields his spade in a way that shows no patience for fools and foolishness Barry Eichengreen, George C Pardee and Helen N Pardee Professor of Economics and Political Science University of California, Berkeley Of all the zombie ideas that have been reanimated in the wake of the global financial crisis, austerity is the most dangerous Mark Blyth shows how austerity created the disasters of the s, and contributed to the descent of the world into global war He shows how European austerity policies have prevented any recovery from the crisis of , while rescuing and protecting the banks and financial institutions that created the crisis An essential guide for anyone who wants to understand the current depression John Quiggin, author of Zombie Economics Most fascinating is the author s discussion of the historical underpinnings of austerity, first formulated by Enlightenment thinkers Locke, Hume and Adam Smith, around the good idea of parsimony and the bad idea of debt Ultimately, writes Blyth, austerity is a zombie economic idea because it has been disproven time and again, but it just keeps coming A clear explanation of a complicated, and severely flawed, idea Kirkus ReviewsInformed, passionate Dissent MagazineMark Blyth s fascinating analysis guides the reader through the historical ideology which has classified debt as problematic In doing so he outlines the relevance of century old debates between the advocates and opponents of laissez faire, and explains why, after a brief reemergence in, and despite the lack of evidence supporting austerity, the world turned its back on Keynesian policies Robert Skidelsky, author of Keynes The Return of the MasterAmong all the calamities spawned by the global financial crisis, none was as easily avoidable as the idea that austerity policies were the only way out In this feisty book, noted political scientist Mark Blyth covers new territory by recounting the intellectual history of this failed idea and how it came to exert a hold on the imagination of economists and politicians It is an indication of the sorry state of macroeconomics that it takes a political scientist to expose so thoroughly one of the economics profession s most dangerous delusions Dani Rodrik, Rafiq Hariri Professor of International Political Economy, The John F Kennedy School of Government, Harvard University Mark Blyth is Professor of International Political Economy at Brown University He is the author of Great Transformations Economic Ideas and Institutional Change in the Twentieth Century