Amartya Sen: The economic consequences of austerity

Donald Steiny Blog, Economics, Politics Blog

This is a speech by the Nobel Prize winning economist, Amartya Sen, about the bad results of austerity programs. He goes into the history and economics of the damage austerity programs do and the way that politicians have scared people needlessly (in terms of economics).  It is admirably readable and educational. The information is something that will stay with you. It will be well worth your time to read. 

The Economic Consequences of Austarity

BY AMARTYA SEN PUBLISHED 4 JUNE, 2015

Austerity for one, austerity for all: The Signing of Peace in the Hall of Mirrors, Versailles, 28th June 1919 by William Orpen (1919). On 5 June 1919, John Maynard Keynes wrote to the prime minister of Britain, David Lloyd George, “I ought to let you know that on Saturday I am slipping away from this scene of nightmare. I can do no more good here.” Thus ended Keynes’s role as the official representative of the British Treasury at the Paris Peace Conference. It liberated Keynes from complicity in the Treaty of Versailles (to be signed later that month), which he detested.Why did Keynes dislike a treaty that ended the state of war between Germany and the Allied Powers (surely a good thing)?

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