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Salutvivi Posted 17 years ago
Vocabulary

"Austrian-style" purgative solution

Hello, can someone help me? What does it mean? I saw this phrase in an econimic article -

Like it or not, we are all Keynesians now

The phrase is "Unwittingly, the authorities are inviting an "Austrian-style" purgative solution whereby private expenditures are reduced abruptly and to a level that allows savings to be rebuilt and debt repaid. ".

Can anyone help me please? Thank you very much.

  

Top answer

Welcome to the forum. I believe that they are saying that Austria has already tried this solution, which purges the economy of problems.

— Vorpar

  • Welcome to the forum.
  • I believe that they are saying that Austria has already tried this solution, which purges the economy of problems.
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4 Answers
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Welcome to the forum.

I believe that they are saying that Austria has already tried this solution, which purges the economy of problems.
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VorparWelcome to the forum.

I believe that they are saying that Austria has already tried this solution, which purges the economy of problems.

Thanks a lot.
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Austrian-style in this case refers to the laissez faire capitalist theories of the Austrian School of economics. http://en.wikipedia.org/wiki/Austrian_School It got its name because many of the early proponents were from Austria, the most famous of
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AnonymousAustrian-style in this case refers to the laissez faire capitalist theories of the Austrian School of economics. It got its name because many of the early proponents were from Austria, the most famous of whom were Ludwig von Mises and Friedrich Hayek. It doesn't have anything to do with current econom
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