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Public Debt Resume by Spending Cuts, Austerity Versus Fiscal Expansion

Author

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  • François Facchini

    (UP1 UFR02 - Université Paris 1 Panthéon-Sorbonne - École d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

This chapter explains why excessive public debt has a negative impact on a country's prosperity and why the most growth-friendly policy is to reduce these deficits through targeted cuts in public spending. It presents the arguments of the theory of expansionary austerity (TEA) and complements them with the Austrian School's theory of capital structure. This focus on the macroeconomics of capital justifies its conclusion. Economic policy does not have the means to match its ambitions. Governments should therefore substitute the government of numbers with a government by rules.

Suggested Citation

  • François Facchini, 2026. "Public Debt Resume by Spending Cuts, Austerity Versus Fiscal Expansion," Post-Print hal-05824872, HAL.
    • Handle: RePEc:hal:journl:hal-05824872
    DOI: 10.1007/978-3-032-12508-8_3
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