The History of Bad Ideas: Austerity
Past Present Future
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The Paradox of Austerity
This chapter explores the psychological and historical dimensions of austerity measures, analyzing why they are often implemented during crises rather than times of economic stability. It examines the cognitive dissonance behind expecting fiscal discipline during perceived economic abundance and the collective mindset that led to simultaneous austerity across nations. The discussion highlights the implications of austerity policies from historical contexts, including the Great Depression and post-2008 financial crises, and critiques their effectiveness in promoting sustainable economic recovery.
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