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, which Paul Krugman described as a “zombie idea” relying on“confidence fairies.” The European Troika conditioned (*) bailouts on adoption of this policy, causing (-5[1])Greek voters (10[1])to (10[1])reject one in a 2015 referendum. John Maynard Keynes recommended that “the boom, not the slump,” is the proper time to implement this policy, which (10[1])aims to decrease the debt-to-GDP ratio. For 10 points, name this policy of tax hikes and/or cuts to public services, notably practiced by David Cameron’s UK government. ■END■