Austerity has been at the centre of political controversy in the last decade, invoked as the answer to, or cause of, our post-crash economic malaise by politicians and academics across the political spectrum. However, despite being the cause of debate for over three centuries, it remains a confusing and poorly-understood concept. In this book, Suzanne J. Konzelmann aims to demystify austerity as an economic policy, a political idea and a social phenomenon. Beginning with an analysis of political and socio-economic history from the 17th century, she explains the economics of austerity in the context of the overall dynamics of state spending, tax, and debt. Using comparative case studies, ranging from 1930s USA to contemporary Britain, she then evaluates the outcomes of austerity in light of its stated objectives and analyses the conditions under which it doesn't - and occasionally does - work. This accessible and thorough introduction to austerity will be essential reading for students and scholars working in political economy, economics, and politics, as well as all readers interested in current affairs.