'To Choose Austerity is to Bet it all on the Confidence Fairy', Joseph Stiglitz
The most erudite account I've come across of why the neoliberal austerity agenda is so fundamentally flawed. The American Nobel prize winning economist Joseph Stiglitz writing for the Guardian highlights the historical successes of Keynesian theory vis a vis economic recovery. Time and time again increased public expenditure has provided the escape from recovery, whilst austerity has resulted in increased unemployment, a shortage of demand for goods and services, lower tax revenues and decaying infrastructure. Con/Lib policy in the UK is being driven by the same mistaken ideology of rolling back the state that got us in such a mess in the first place.
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