The legacy of Alberto Alesina

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Culture and politics, he thought, might help explain why governments so often deviate from optimal fiscal policy

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-turn on austerity is complete. In 2010 thepraised Britain’s tough deficit-reduction plan. Now it recommends a big fiscal expansion to cope with the coronavirus pandemic. Politicians were once fond of citing research co-authored by Kenneth Rogoff, an economist, to warn that public debt exceeding 90% of a country’swould crimp growth. Today Mr Rogoff advises spending more. But Alberto Alesina, an economist at Harvard University who died on May 23rd, stood his ground.

Mr Alesina was primarily an economist of politics and culture. Back in the 1980s, when he was completing hisat Harvard, wonks sneered at those investigating such supposedly soft questions. But Mr Alesina showed that explaining economic outcomes—why some countries are rich and others poor, or why immigrants succeed in some places but not others—meant looking beyond prices andHe sought, for instance, to explain the wide variation in women’s labour-force participation between countries .

Culture and politics might also explain a worrying fiscal trend. It was reasonable, said Mr Alesina, to expect governments to run budget surpluses during good times and deficits during bad. But, he noted, this increasingly did not happen. He was fond of citing a study from 2014, which found that only four out of 20 rich countries had run a budget surplus for more than half the time since the 1960s. Italy ran a deficit every year.

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