@ChrisMayLA6 The next time the UK economy achieves a good chunk of real growth, are you in favor of austerity?
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Emeritus Prof Christopher May
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Well, a Keynsian approach would see the need to dampen down some over-heating, certainly.... where that might be for the UK is an interesting point; one might argue that any growth over round 1.5% GDP a year was over-heating relatively.
But whenever it was, already you can see the possible use if interest rate policy to reign in over-heating - albeit with less justification the BoE has been doing that for the last 18 months, separate from austerity - Govt. does have other levers
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