--- title: "Meaning & Key Takeaway of: Arbitrary limits on deficits and debt…" description: "\"“Arbitrary limits on deficits and debt hinder a nation’s development. Austerity for the sake of balanced budgets or for the sake of preserving fiscal s..." image: "https://sms4smile.com/quotes/i/705/l-randall-wray-yeva-nersisyan_austerity_arbitrary-limits-on-deficits-and-debt-hi_3133122.jpg" --- # Arbitrary limits on deficits and debt hinder a nation’s… ![“Arbitrary limits on deficits and debt hinder a nation’s development. Austerity for the sake of balanced budgets or for the sake of preserving fiscal space for the future is counterproductive.” quote by L. Randall Wray Yeva Nersisyan](https://sms4smile.com/quotes/i/705/l-randall-wray-yeva-nersisyan_austerity_arbitrary-limits-on-deficits-and-debt-hi_3133122.jpg) [Download](https://sms4smile.com/quotes/i/705/l-randall-wray-yeva-nersisyan_austerity_arbitrary-limits-on-deficits-and-debt-hi_3133122.jpg) [Open image](https://sms4smile.com/quotes/i/705/l-randall-wray-yeva-nersisyan_austerity_arbitrary-limits-on-deficits-and-debt-hi_3133122.jpg) > ““Arbitrary limits on deficits and debt hinder a nation’s development. Austerity for the sake of balanced budgets or for the sake of preserving fiscal space for the future is counterproductive.”” [L. Randall Wray Yeva Nersisyan](https://sms4smile.com/quotes/author/l-randall-wray-yeva-nersisyan/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Excessive austerity harms growth. **In simple terms:** Balance fiscal responsibility. Key Takeaway economics;policy;development Themes public finance macroeconomics Mood analysis argument Type Austerity:1 Deficit:0 Economics:0 Time:0 Fiscal Space:0 Development Austerity:0 Limits Deficits:0 Debt Hinder:0 When to use this quote - Strict austerity may neglect social needs. Key Concepts government budgeting economic planning social welfare Questions to Reflect On - critical - analytical A Different Perspective When is austerity justified?;How to balance budgets and growth? ★ ★ ★ ★ ★ No ratings yet [Austerity](https://sms4smile.com/quotes/about/austerity/) [Debt Hinder](https://sms4smile.com/quotes/about/debt-hinder-5549787/) [Deficit](https://sms4smile.com/quotes/about/deficit/) [Development Austerity](https://sms4smile.com/quotes/about/development-austerity-2701225/) [Economics](https://sms4smile.com/quotes/about/economics/) [Fiscal Space](https://sms4smile.com/quotes/about/fiscal-space-1811828/) [Limits Deficits](https://sms4smile.com/quotes/about/limits-deficits-5549786/) [Time](https://sms4smile.com/quotes/about/time/) ## Related quotes > [We used to be one of the richest countries in the world, but we are now on a path towards under-development. This austerity that…](https://sms4smile.com/quotes/marine-le-pen/we-used-to-be-one-of-the-richest-countries-in-the-world-but-we-are/) [Marine Le Pen](https://sms4smile.com/quotes/author/marine-le-pen/) > [Where fiscal space is low, fiscal policy needs to adjust in a growth-friendly manner to ensure public debt is on a sustainable path, while…](https://sms4smile.com/quotes/gita-gopinath/where-fiscal-space-is-low-fiscal-policy-needs-to-adjust-in-a-growth/) [Gita Gopinath](https://sms4smile.com/quotes/author/gita-gopinath/) > [Countries with fiscal space should invest in physical and social infrastructure to raise potential growth.](https://sms4smile.com/quotes/gita-gopinath/countries-with-fiscal-space-should-invest-in-physical-and-social/) [Gita Gopinath](https://sms4smile.com/quotes/author/gita-gopinath/) > [Countries like Canada, Korea, China, Germany can and should use fiscal space. Some of them are doing it, not all.](https://sms4smile.com/quotes/christine-lagarde/countries-like-canada-korea-china-germany-can-and-should-use-fiscal/) [Christine Lagarde](https://sms4smile.com/quotes/author/christine-lagarde/) > [Deficits must be cut, yes, but the rush to austerity risks undermining the fragile global recovery.](https://sms4smile.com/quotes/alistair-darling/deficits-must-be-cut-yes-but-the-rush-to-austerity-risks-undermining/) [Alistair Darling](https://sms4smile.com/quotes/author/alistair-darling/) > [The TUC's new slogan 'a future that works' sets a profound challenge. Austerity and rapid deficit reduction is failing in its own terms, but…](https://sms4smile.com/quotes/frances-o-grady/the-tuc-s-new-slogan-a-future-that-works-sets-a-profound-challenge/) [Frances O'Grady](https://sms4smile.com/quotes/author/frances-o-grady/) > [When people are running up more and more debt for housing, they call that "real wealth." It exposes what's wrong in the mainstream economics…](https://sms4smile.com/quotes/michael-hudson/when-people-are-running-up-more-and-more-debt-for-housing-they-call/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [It is opposition to economic orthodoxy that leads us into austerity and cuts. But it is also a thirst for something more communal, more…](https://sms4smile.com/quotes/jeremy-corbyn/it-is-opposition-to-economic-orthodoxy-that-leads-us-into-austerity/) [Jeremy Corbyn](https://sms4smile.com/quotes/author/jeremy-corbyn/) > [You can be creative only when there is abandonment-which means, really, there is no sense of compulsion, no fear of not being, of not…](https://sms4smile.com/quotes/jiddu-krishnamurti/you-can-be-creative-only-when-there-is-abandonment-which-means-really/) [Jiddu Krishnamurti](https://sms4smile.com/quotes/author/jiddu-krishnamurti/) > [The flaw in, say, austerity, is that its success is predicated on the relative exactitude of math rather than the shifting, liquid imperfection of…](https://sms4smile.com/quotes/steven-weber/the-flaw-in-say-austerity-is-that-its-success-is-predicated-on-the/) [Steven Weber](https://sms4smile.com/quotes/author/steven-weber/) > [Too many politicians seem to reach for 'infrastructure' as the default answer to investment, as if roads and bridges were the answer to everything.…](https://sms4smile.com/quotes/mariana-mazzucato/too-many-politicians-seem-to-reach-for-infrastructure-as-the-default/) [Mariana Mazzucato](https://sms4smile.com/quotes/author/mariana-mazzucato/) > [“South of Larissa the landscape began to change. Jude watched an irrigation machine like a giant stick insect creeping over a field, and a…](https://sms4smile.com/quotes/paul-alkazraji/south-of-larissa-the-landscape-began-to-change-jude-watched-an/) [Paul Alkazraji](https://sms4smile.com/quotes/author/paul-alkazraji/) > [I believe that if we are able to, obviously we need to ensure that we have a robust budget that's balanced, but there's no…](https://sms4smile.com/quotes/jagmeet-singh/i-believe-that-if-we-are-able-to-obviously-we-need-to-ensure-that-we/) [Jagmeet Singh](https://sms4smile.com/quotes/author/jagmeet-singh/) > [“It was my good fortune to be linked with Mme. Curie through twenty years of sublime and unclouded friendship. I came to admire her…](https://sms4smile.com/quotes/albert-einstein/it-was-my-good-fortune-to-be-linked-with-mme-curie-through-twenty/) [Albert Einstein](https://sms4smile.com/quotes/author/albert-einstein/) > [Mainstream economic theories popular in the last several decades have tended to downplay the government's role in markets and to increase skepticism about even…](https://sms4smile.com/quotes/mariana-mazzucato/mainstream-economic-theories-popular-in-the-last-several-decades-have/) [Mariana Mazzucato](https://sms4smile.com/quotes/author/mariana-mazzucato/) ## More Austerity quotes > [Mainstream economic theories popular in the last several decades have tended to downplay the government's role in markets and to increase skepticism about even…](https://sms4smile.com/quotes/mariana-mazzucato/mainstream-economic-theories-popular-in-the-last-several-decades-have/) [Mariana Mazzucato](https://sms4smile.com/quotes/author/mariana-mazzucato/) > [“It was my good fortune to be linked with Mme. Curie through twenty years of sublime and unclouded friendship. I came to admire her…](https://sms4smile.com/quotes/albert-einstein/it-was-my-good-fortune-to-be-linked-with-mme-curie-through-twenty/) [Albert Einstein](https://sms4smile.com/quotes/author/albert-einstein/) > [I believe that if we are able to, obviously we need to ensure that we have a robust budget that's balanced, but there's no…](https://sms4smile.com/quotes/jagmeet-singh/i-believe-that-if-we-are-able-to-obviously-we-need-to-ensure-that-we/) [Jagmeet Singh](https://sms4smile.com/quotes/author/jagmeet-singh/) > [“South of Larissa the landscape began to change. Jude watched an irrigation machine like a giant stick insect creeping over a field, and a…](https://sms4smile.com/quotes/paul-alkazraji/south-of-larissa-the-landscape-began-to-change-jude-watched-an/) [Paul Alkazraji](https://sms4smile.com/quotes/author/paul-alkazraji/) > [Too many politicians seem to reach for 'infrastructure' as the default answer to investment, as if roads and bridges were the answer to everything.…](https://sms4smile.com/quotes/mariana-mazzucato/too-many-politicians-seem-to-reach-for-infrastructure-as-the-default/) [Mariana Mazzucato](https://sms4smile.com/quotes/author/mariana-mazzucato/) > [The flaw in, say, austerity, is that its success is predicated on the relative exactitude of math rather than the shifting, liquid imperfection of…](https://sms4smile.com/quotes/steven-weber/the-flaw-in-say-austerity-is-that-its-success-is-predicated-on-the/) [Steven Weber](https://sms4smile.com/quotes/author/steven-weber/) > [You can be creative only when there is abandonment-which means, really, there is no sense of compulsion, no fear of not being, of not…](https://sms4smile.com/quotes/jiddu-krishnamurti/you-can-be-creative-only-when-there-is-abandonment-which-means-really/) [Jiddu Krishnamurti](https://sms4smile.com/quotes/author/jiddu-krishnamurti/) > [It is opposition to economic orthodoxy that leads us into austerity and cuts. But it is also a thirst for something more communal, more…](https://sms4smile.com/quotes/jeremy-corbyn/it-is-opposition-to-economic-orthodoxy-that-leads-us-into-austerity/) [Jeremy Corbyn](https://sms4smile.com/quotes/author/jeremy-corbyn/) > [When people are running up more and more debt for housing, they call that "real wealth." It exposes what's wrong in the mainstream economics…](https://sms4smile.com/quotes/michael-hudson/when-people-are-running-up-more-and-more-debt-for-housing-they-call/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [“If the surprise outcome of the recent UK referendum - on whether to leave or remain in the European Union - teaches us anything,…](https://sms4smile.com/quotes/alex-morritt/if-the-surprise-outcome-of-the-recent-uk-referendum-on-whether-to/) [Alex Morritt](https://sms4smile.com/quotes/author/alex-morritt/) > [The world has conducted a massive macro-economic experiment since the cataclysm of 2008. In Europe, the fans of austerity have had their chance, and…](https://sms4smile.com/quotes/eliot-spitzer/the-world-has-conducted-a-massive-macro-economic-experiment-since-the/) [Eliot Spitzer](https://sms4smile.com/quotes/author/eliot-spitzer/) > [We used to be one of the richest countries in the world, but we are now on a path towards under-development. This austerity that…](https://sms4smile.com/quotes/marine-le-pen/we-used-to-be-one-of-the-richest-countries-in-the-world-but-we-are/) [Marine Le Pen](https://sms4smile.com/quotes/author/marine-le-pen/) > [The emphasis so far on fiscal austerity, while to a degree necessary for the countries facing market funding difficulties, is excessive when carried out…](https://sms4smile.com/quotes/charles-dallara/the-emphasis-so-far-on-fiscal-austerity-while-to-a-degree-necessary/) [Charles Dallara](https://sms4smile.com/quotes/author/charles-dallara/) > [And what if we’d been utterly open? Made jokes about the first wife? What if we’d been that kind of family? Well, I would…](https://sms4smile.com/quotes/sue-miller/and-what-if-we-d-been-utterly-open-made-jokes-about-the-first-wife/) [Sue Miller](https://sms4smile.com/quotes/author/sue-miller/) > [Extreme concupiscence may be found under extreme austerity.](https://sms4smile.com/quotes/margaret-of-valois/extreme-concupiscence-may-be-found-under-extreme-austerity/) [Margaret of Valois](https://sms4smile.com/quotes/author/margaret-of-valois/) [Browse all 194 Austerity quotes ](https://sms4smile.com/quotes/about/austerity/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "“Arbitrary limits on deficits and debt hinder a nation’s development. Austerity for the sake of balanced budgets or for the sake of preserving fiscal space for the future is counterproductive.”", "creator": { "@type": "Person", "name": "L. 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