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I think I am the only Azerbaijani and the only in Azerbaijan who has been shouting about the legends of expansionary austerity for ages... "Alesina's expansionary austerity is under question yet again. There has been quite an astonishing delusion among academic and policy economists that a fiscal contraction could lead us out of recession. The basic idea was that austerity would calm down the markets by raising institutional credibility, bring down the interest rates, and eventually act as a stimulus to investment and thus growth overall. A small nuance, however, is that this could have never worked in principle or in practice when the economy is already in a deep recession. In normal times, stabilizing the budget is nothing but logical and indeed the right thing to do. But in these extraordinary circumstances, further downward pressure on growth is a dead-end game which, unfortunately, policy-makers particularly in select European countries decided to play. Much to the general public's frustration and unnecessary suffering."
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Jan 30, 2012