European University Institute Library

The debt delusion, living within our means and other fallacies, John Weeks

eng

Includes bibliographical references and index

illustrations

index present

non fiction

The debt delusion

bibliography

1097469337

John Weeks

living within our means and other fallacies

Governments should spend no more than their tax income.' Most people in Europe and North America accept this statement as simple common sense. It matches the deeply engrained economic metaphors that dominate public discourse, from 'living within your means' to 'balancing the budget' - all necessary, or so conventional wisdom holds, to avoid the dangers of debt, taxation and financial ruin. This book shows how these homely metaphors constitute the 'debt delusion' a set of plausible-sounding yet false ideas that have been used to justify damaging austerity policies. John Weeks debunks these myths, explaining both the true story behind public spending, taxation, and debt, and the real function of these in the management of our economies. He demonstrates that disputes about public finances are not primarily technical matters best left to specialists and experts, as many politicians would have us believe, but rather fundamentally questions about our true political priorities. Requiring no prior economic knowledge, this is an ideal primer for anyone wishing to cut through the rhetoric and misinformation that dominate political debates on economics and become an informed citizen. --, Provided by publisher

Introduction: debt, deficits and austerity -- We must live within our means -- Governments must balance their books -- We must tighten our belts -- Never go into debt -- Taxes are a burden -- Austerity: there is no alternative -- Always an alternative