Austerity: It's Hurting But Is It Working?
15th February 2013: Prof. Lord Eatwell & Dr. Andrew Lilico
In the wake of the sovereign debt crisis, austerity has been imposed across Europe to bring spiralling national debt under control. But after three years, Britain's economy is still below its pre-crisis level and sovereign debt remains extremely high while the government perserveres with Plan A. In Europe, the sense of crisis ia lleviating, but people of the peripheral countries continue to suffer.
Is austerity the right parth to growth and recovery? Is the pain in Europe worth if the crisis can be brought under control?
To debate these issues, CSEP was joined by two prominent economists:
Professor Lord Eatwell is Labour's Principal Opposition SPokesman on Treasury and Economic Affairs since 2010. From 1885 to 1992 he served as economic advisor to Neil Kinnock, the leader of the British Labour Party and was appointed to the House of Lords in 1992. He is currently a professor of financial policy at the Judge Business School, and president of Queen's College, Cambridge. He has published extensively in major economic journals, edited more then 25 books and has been a teaching fellow at Harvard University and a Visiting Professor at Columbia University. Among the founders in 1988 of the Institute for Public Policy Research, which as now established itself as one of Britain's leading policy think tanks, he remains chairman of its Board of Trustees.
Dr. Andrew Lilico is the chairman of Europe Economics, a fellow of the Institute of Economic Affairs and a member of the IEA/Sunday Times Monetary Policy Committee. As chief economist of Policy Exchange form 2009-10 he produced "Controlling SPending and Government Deficits", a report that the BBC has described as "essential theory" behind the coalition's initial deficit reduction strategy. At Europe Economics he has worked extensively on major finance and regulatory questions, including for clients such as the European Commission, UK government departments and regulators, industry associations and large firms. Dr. Lilico holds a PhD in Economics from University College London, where he also lectured in macroeconomics and in monetary theory.
Is austerity the right parth to growth and recovery? Is the pain in Europe worth if the crisis can be brought under control?
To debate these issues, CSEP was joined by two prominent economists:
Professor Lord Eatwell is Labour's Principal Opposition SPokesman on Treasury and Economic Affairs since 2010. From 1885 to 1992 he served as economic advisor to Neil Kinnock, the leader of the British Labour Party and was appointed to the House of Lords in 1992. He is currently a professor of financial policy at the Judge Business School, and president of Queen's College, Cambridge. He has published extensively in major economic journals, edited more then 25 books and has been a teaching fellow at Harvard University and a Visiting Professor at Columbia University. Among the founders in 1988 of the Institute for Public Policy Research, which as now established itself as one of Britain's leading policy think tanks, he remains chairman of its Board of Trustees.
Dr. Andrew Lilico is the chairman of Europe Economics, a fellow of the Institute of Economic Affairs and a member of the IEA/Sunday Times Monetary Policy Committee. As chief economist of Policy Exchange form 2009-10 he produced "Controlling SPending and Government Deficits", a report that the BBC has described as "essential theory" behind the coalition's initial deficit reduction strategy. At Europe Economics he has worked extensively on major finance and regulatory questions, including for clients such as the European Commission, UK government departments and regulators, industry associations and large firms. Dr. Lilico holds a PhD in Economics from University College London, where he also lectured in macroeconomics and in monetary theory.