Pushed to extremes, austerity is bad economics, bad
arithmetic, and ignores the lessons of history. We, an
international group of economists and social scientists, are
outraged at the narrow range of austerity policies which are
bringing so many people around the world to their knees,
especially in Europe. Austerity and cutbacks are reducing
growth and worsening poverty. In our professional opinions,
there are alternatives – for Britain, Europe and all countries
that currently imagine that government cutbacks are the
only way out of debt. The low-growth, no-growth trap
means that the share of debt in GNP falls ever more slowly,
if at all. It may even rise – as it has in some countries.