A necessary (partial) counter-narrative to the austerity orthodoxy January 19, 2017Posted by WorldbyStorm in Uncategorized.
Austerity was necessary to correct Ireland’s public finances, but it was not responsible for the rapid recovery of the country’s economy subsequently, according to a major new analysis of the economic crash and recovery.
Instead of crediting austerity with the recovery, the book credits Ireland’s strong export industries and buoyancy in the country’s top export markets, along with European Central Bank quantitative easing and historically low interest rates.
Together these factors helped to stabilise the banking system and supported the recovery, according to the book’s contributors who include economists, social scientists, political scientists and other “internationally acknowledged scholars”.
The response to this will be educative, assuming there is one.