The concept of austerity has been approached from different perspectives. For instance, some have argued that austerity is more than one concept and the word is often used politically, or to mislead the population. Others view it as a technocratic solution to a sovereign debt problem.

This talk explores the varying sources of the crisis and the political underpinnings of austerity in the United States and Europe. Professor Newman will argue that austerity politics attempt to alter the fundamental underpinnings of the European social model. Professor Cowen, on the other hand, will argue that most of the critics are refusing to face up to how bad the problems of the status quo really are, instead blaming "austerity."

Dr. Tyler Cowen is a professor of economics at George Mason University and at the Center for the Study of Public Choice. He is also the Director of the Mercatus Center.

Dr. Abraham Newman is an associate professor in the Edmund A. Walsh School of Foreign Service and a faculty member in the BMW center for German and European Studies.

For additional information about this event, please contact Professor Mariely Lopez-Santana.