Mark Blyth is also the author of Great Transformations: Economic Ideas and Institutional Change in the Twentieth Century. This is an interesting discussion of austerity and economic policy. Blyth’s opening remarks are quite entertaining and the entire video is well worth watching. Blyth has a message for plutocrats, and he provides a nice background of current policy for those not formally educated in economics. Blyth makes the important point that there has been no orgy of public spending. The surge in federal deficits has not been caused by runaway public spending. The reflation of the economy has been primarily to bail out a wealthy establishment and protect asset prices.
“I got really, really pissed off with people with lots of money telling people who don’t have any money they need to pay shit back.”