Fear of Wages

    Four years ago, some of us watched with a mixture of incredulity and horror as elite discussion of economic policy went completely off the rails. Over the course of just a few months, influential people all over the Western world convinced themselves and each other that budget deficits were an existential threat, trumping any and all concern about mass unemployment. The result was a turn to fiscal austerity that deepened and prolonged the economic crisis, inflicting immense suffering.

Full text and e-editions are available to premium subscribers only. To subscribe to the digital edition, please visit subscription page. If you are already a subscriber, please login to the site. You can also request a free sample by using our request form.