CHAOSTOCOSMOS

Saturday, 7 March 2015

Austerity can never work – here’s why

For too long our political leaders have focused on reducing spending and raising taxes in order to tackle the deficit. Politicians, the civil service, the commentariat and the academic world all see this as the only solution. This view is, however, based on a fallacy of composition which fatally undermines its efficacy. What might well be sensible for an individual who is over-spending, and which has no measurable impact on the economy as a whole, does not work for the government which is a major player.

Austerity can never work - here's why

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