A Must Read: "The Austerity Delusion | Foreign Affairs"

The two closing paragraphs of "The Austerity Delusion: Why a Bad Idea Won Over the West," by Mark Blyth. Foreign Affairs. May/June 2013:

Those of a Schumpeterian persuasion might counter that even if government spending were cost-free, the true source of growth would still be private innovation. But as the venture capitalist William Janeway explains in his recent book, Doing Capitalism in the Innovation Economy, what makes what Schumpeter termed "creative destruction" possible is what he calls "Keynesian waste." The U.S. aerospace industry could never have been born without massive government defense spending; recent innovations in biotechnology owe their existence to the National Institutes of Health; even the Internet was a byproduct of government research. The raw material for innovation and growth often comes from government, not private, spending.

If the United States adopted austerity, the inability of the government to generate Keynesian waste would undermine the country's ability to grow. Cut away the state, especially at a moment when other countries around the world are busy slashing their way to prosperity, and Americans will end up much worse off than they could ever have imagined. But don't take it on faith. Just ask the Europeans how it has been working out for them. The Austerity Delusion | Foreign Affairs.

The article is simply packed with highly relevant economic history.

See also:
"Germany Should End Austerity, Not Ireland." Not Really
"Nobody in Europe" Sees A "Contradiction" between Austerity and Growth
Ed Pinto, American Enterprise Institute, Wall Street Shills
From Book 1, Chapter 6, Wealth of Nations, by Adam Smith
On: "There's no match for Angela 'Merkiavelli' - Telegraph"
Does the Bank "Own" Your Deposited Money?
Why Fed Inflates New Housing Bubble
Why Fed Inflates New Housing Bubble
Why Fed Inflates New Housing Bubble
Learn it!: L. Randall Wray on MMT (Modern Money Theory)
Fed Gov. Powell, "See" Glass-Steagall
Banking & Monetary Reform: Addressing Capitalism v. Anti-Capitalism
Not Enough: PEOPLE For Mathematically Perfected Economyâ„¢

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  • Tom Usher

    About Tom Usher

    Employment: 2008 - present, website developer and writer. 2015 - present, insurance broker. Education: Arizona State University, Bachelor of Science in Political Science. City University of Seattle, graduate studies in Public Administration. Volunteerism: 2007 - present, president of the Real Liberal Christian Church and Christian Commons Project.
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