The Political Economics of Austerity

ERN: Structure Pub Date : 2014-01-01 DOI:10.1093/CJE/BET076
S. Konzelmann
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引用次数: 83

Abstract

The 2007/8 financial crisis has reignited the debate about economic austerity. With the aim of understanding why a government would pursue such a policy in the current context of persistent economic recession, this article traces the social, political and economic developments that have together shaped the evolution of ideas about austerity, from the earliest theorizing by the Classical political economists some three hundred years ago. Throughout the historical narrative, important analytical themes revolve around the arguments used to justify austerity – notably appeals to ethics and morality (reinforced by misleading analogies drawn between government budgets and the accounts of firms and households). These include: concerns about inflation and the observed relationship between inflation and unemployment; ‘Ricardian equivalence’ and ‘non-Keynesian’ effects of austerity; and the correlation between public debt levels and economic growth. The class analytics of austerity – who bears the burden of austerity and who benefits – and the process by which alternative ideas penetrate the mainstream and reconstitute the conventional wisdom are also important analytical themes.
紧缩的政治经济学
2007/ 08年的金融危机再次引发了有关经济紧缩的辩论。为了理解为什么政府会在当前经济持续衰退的背景下推行这样的政策,本文追溯了社会、政治和经济的发展,这些发展共同形成了紧缩思想的演变,从大约300年前古典政治经济学家最早的理论开始。在整个历史叙述中,重要的分析主题围绕着用来证明紧缩合理性的论点——尤其是对伦理和道德的呼吁(政府预算与企业和家庭账户之间的误导性类比强化了这一点)。这些问题包括:对通货膨胀的担忧以及观察到的通货膨胀与失业之间的关系;紧缩的“李嘉图等价”和“非凯恩斯”效应;以及公共债务水平与经济增长之间的关系。紧缩的阶级分析——谁承担紧缩的负担,谁受益——以及替代思想渗透主流并重建传统智慧的过程,也是重要的分析主题。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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