PP
Jun 15, 2025 · 58 min
The History of Bad Ideas: Austerity
For the first episode in our new series about how bad ideas take hold, David talks to economist Mark Blyth about austerity, the cost-cutting idea that refuses to die. Why is it an article of faith that states need periodic purging to stop them getting too greedy? Why does this so often happen at times when it does most harm, from the 1930s to the financial crisis that began in 2008? And how is the politics of austerity playing out today, in Starmer’s Britain, in Milei’s Argentina and in the DOGE