For the first episode in our new series about how bad ideas take hold, David talks to economist Mark Blyth about austerity, the cost-cutting idea that refuses to die. Why is it an article of faith that states need periodic purging to stop them getting too greedy? Why does this so often happen at times when it does most harm, from the 1930s to the financial crisis that began in 2008? And how is the politics of austerity playing out today, in Starmer’s Britain, in Milei’s Argentina and in the DOGE wars happening in Trump’s America?

David’s new 20-part series Postwar – about the 1945 general election and the making of modern Britain – is available now on BBC Radio 4 and BBC Sounds https://www.bbc.co.uk/sounds/series/m002d8v1

Next time on The History of Bad Ideas: Genius w/Helen Lewis

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