Table of Contents 

List of Figures and Tables …………………………………………………………………………….. 4
Acknowledgements ……………………………………………………………………………………… 5
Abstract ……………………………………………………………………………………………………… 6
1 Introduction ………………………………………………………………………………………….. 7
1.1 Background and Context ……………………………………………………………………. 7
1.2 Aims and Objectives …………………………………………………………………………. 9
1.3 Approach to the Research…………………………………………………………………. 10
1.4 Rstionale for the Research ………………………………………………………………… 10
1.5 Organisation of Dissertation …………………. Error! Bookmark not defined.1
1.6 Research Limitations and Scope …………… Error! Bookmark not defined.2
2 Literature Review ………………………………………………………………………………… 14
2.1 Introduction ……………………………………………………………………………………. 14
2.2 Austerity and the Fiscal Policy Debate ………………………………………………. 18
2.3 Austerity and Expansionary Fiscal Contraction …………………………………… 21
2.4 Austerity Imposed on Ireland and the Socio-political Iinferences ………….. 26
2.5 Taxation and Expenditure Adjustments and their Effects ……………………… 29
2.6 Icelandic Recovery, Monetary Policies and a Flexible Exchange Rate …… 32
2.7 Further Exploration of Flexible Ex/Rates and Currency Devaluation …….. 36
2.5 Fiscal Multiplier and How it is Affected by Fiscal Instruments ……………… 40
3 Methodology ………………………………………………………………………………………… 45
3.1 Methods and Design ………………………………………………………………………… 45
3.2 Research Philosophy ……………………………………………………………………….. 48
3.3 Research Approach ………………………………………………………………………….. 50
3.4 Research Strategy ……………………………………………………………………………. 51
3.5 Accessibilty ……………………………………………………………………………………. 52
3.6 Research Choice ……………………………………………………………………………… 53
3.7 Time Horizon ………………………………………………………………………………….. 54
3.8 Sampling ………………………………………………………………………………………… 55
3.9 Data Collection Methods ………………………………………………………………….. 57
3.10 Ethical Considerations ……………………………………………………………………… 59
3.11 Limitations……………………………………………………………………………………… 61
4 Data Analysis and Findings ………………………………………………………………….. 63
4.1 Introduction ……………………………………………………………………………………. 63
4.2 Austerity Conotations and implementation reasoning ………………………….. 65
4.3 Fiscal Contraction in a Shrinking Economy………………………………………… 68
4.4 Government Expenditure, Debt Levels and Taxation …………………………… 70
4.5 Fiscal Multiplier in a Depressed Economy …………………………………………. 74
4.6 Ireland and Iceland; A Comparitive Analysis ………………………………………. 75
4.7 Socio-Political implications of Austerity ……………………………………………. 78
4.8 Assessment of the Success or Failure of Austerity to Date ……………………. 79
4.8 Conclusion ……………………………………………………………………………………… 82
5 Conclusion and Recommendations ……………………………………………………….. 84
5.1 Conclusion ……………………………………………………………………………………… 84
5.2 Limitations of the Research ………………………………………………………………. 91
5.3 Recommendations …………………………………………………………………………… 92
6 Reflection on Learning and Skill Development ……………………………………… 93
6.1 Introduction and Learning Styles ………………………………………………………. 93
6.2 Time Management …………………………………………………………………………… 98
6.3 Critical Thinking …………………………………………………………………………….. 99
6.4 Numeracy and quantitative skills …………………………………………………….. 100
6.3 Future Application …………………………………………………………………………. 101
Bibliography ………………………………………………………………………………………….. 103
Appendices …………………………………………………………………………………………….. 113
Appendix 1 Primary Research Interview Questions …………………………………. 113
Appendix 2 Interview Guide …………………………………………………………………. 115
Appendix 3 Interview Synopsis A ………………………………………………………….. 117
Appendix 4 Interview Synopsis B ………………………………………………………….. 126
Appendix 5 Interview Synopsis C ………………………………………………………….. 133
Appendix 6 Interview Synopsis D ………………………………………………………….. 139
Appendix 7 Interview Synopsis E ………………………………………………………….. 148
Appendix 8 Consent form ……………………………………………………………………. 158
Appendix 9 Soloman and Felder Learning Styles: Results ………………………… 159
Appendix 10 Mumford and Honey Learning Styles: Questionnaire …………….. 160
Appendix11 Mumford and Honey Learning Styles: Results ………………………. 162