Pushed to extremes, austerity is bad economics, bad arithmetic, and ignores the lessons of history. We, an international group of economists and social scientists, are outraged at the narrow range of austerity policies which are bringing so many people around the world to their knees, especially in Europe. Austerity and cutbacks are reducing growth and worsening poverty. In our professional opinions, there are alternatives – for Britain, Europe and all countries that currently imagine that government cutbacks are the only way out of debt. The low-growth, no-growth trap means that the share of debt in GNP falls ever more slowly, if at all. It may even rise – as it has in some countries.

Richard Jolly
ISS Staff Group 3: Human Resources and Local Development , EUR-ISS-EDEM
International Institute of Social Studies of Erasmus University (ISS)

Jolly, R., Cornia, G. A., Elson, D., Fortin, C., Griffith-Jones, S., Helleiner, G., … Stewart, F. (2012). Be outraged: there are alternatives. EUR-ISS-EDEM. Retrieved from http://hdl.handle.net/1765/38332