Austerity policies do more harm than good, IMF study concludes Economists give strong critique of neoliberal doctrine ushered in by Ronald Reagan and Margaret Thatcher in the 1980s

“The benefits in terms of increased growth seem fairly difficult to establish when looking at a broad group of countries,” they said. “The costs in terms of increased inequality are prominent. Such costs epitomise the trade-off between the growth and equity effects of some aspects of the neoliberal agenda.­

“Increased inequality in turn hurts the level and sustainability of growth. Even if growth is the sole or main purpose of the neoliberal agenda, advocates of that agenda still need to pay attention to the distributional effects.­”

“In the case of fiscal consolidation, the short-run costs in terms of lower output and welfare and higher unemployment have been underplayed, and the desirability for countries with ample fiscal space of simply living with high debt and allowing debt ratios to decline organically through growth is underappreciated.”

They concluded that the increase in inequality threatened to be self-defeating. “The increase in inequality engendered by financial openness and austerity might itself undercut growth, the very thing that the neoliberal agenda is intent on boosting. There is now strong evidence that inequality can significantly lower both the level and the durability of growth.”

Вукашин Б Васић’s insight:
Остерити (тзв. фискалана консолидација) изазива већу штету него што доноси корист. Хммм, а ко то тврди?
Економисти ММФ.
А да, то је само њихово мишљење и иза тог мишљења не мора да стоји сам Фонд.
Зато кад дође мисија у ову нашу несрећну земљу очигледно има неко друго мишљење.
Ко има ухо да чује нека чује!

 

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