Tony Atkinson questioned why this policy tends to diverge so much from the 45/55 “expansion path.”Robert Barro proposed a defense of this policy based on Ricardian equivalence, which Giavazzi & Pagano furthered using data from Ireland and Denmark. Alberto Alesina famously claimed the “expansionary” form of this policy could lower interest rates, (-5[1])which Paul Krugman described as (-5[1])a “zombie idea” (-5[1])relying on“confidence fairies.” The European Troika conditioned (*) bailouts on adoption of this policy, causing (10[2]-5[1])Greek (10[1])voters (10[2])to (10[1])reject one in (10[2])a 2015 (10[1])referendum. John (10[2]-5[1])Maynard (-5[1])Keynes recommended that “the boom, not the slump,” is the proper time to implement this policy, which (10[1])aims (10[1])to decrease the (-5[1])debt-to-GDP ratio. (10[1])For 10 points, name (10[1])this policy of tax hikes and/or cuts to public services, notably practiced by David Cameron’s UK government. ■END■ (10[1])