Draconian austerity measures do not work

When austerity policies are linked positively to structured measures and discipline at a macro-economic level, the strategy works. However, just rapid and deep austerity cuts do not. Dr Christos Pitelis warns that austerity measures on their own forces governments to simultaneously take steps to improve economic competitiveness, causing output to fall followed by a failure to revive economies. Austerity measures alone are widely seen as a bad move.