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2016 | OriginalPaper | Chapter
13. Conclusion
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Abstract
In his summary, Michael Burton emphasises that managing austerity is not purely a matter of applying economic theory, but about how politicians manage the expectations of their voters. Governments must also ensure they are not over-dependent on ephemeral sources of tax revenue such as property and financial services which, when they disappear, plunge public finances into deficit. He looks at the key lessons that emerge from his book’s case studies of austerity programmes and ends by warning that demographic changes, with ageing populations and rising pension costs, will continue to put pressure on public finances.