Milton Friedman once argued “only a crisis—actual or perceived—produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around.” The next three chapters explain why the idea of austerity has been “lying around” in various forms for the past four centuries. Its repetition, refinement, and continual redeployment do not improve it over time. But that doesn’t stop liberals from finding it endlessly attractive and polishing it anew every time there is a crisis.

Mark Blyth, Austerity, loc. 276