Specifically, if allowing an economy to remain persistently depressed reduces long-run growth prospects — and there's pretty good evidence to that effect — then austerity in a depressed economy has enormous costs, and may even lead to a vicious circle of shrinking potential leading to even more austerity and so on.
Some economists fear that cutting government spending could lead to a vicious circle, in which falling demand further depresses employment, leading to greater declines in demand and output.
Those fears lead to a vicious circle, with every league trying to keep up with the league next door.
This can lead to a vicious circle: as heavily indebted firms are forced to reduce costs, jobs and spending are cut across the economy, pushing prices lower still.
That is vital; if gilt yields were to rise sharply it could lead to a vicious circle of rising debt-servicing costs and higher debt.
To the extent high deficits are a result of a weak economy, a decision to react by cutting spending or raising taxes can lead to a vicious cycle.
That will lead to a vicious feedback loop in which recession widens budget deficits, swells government debts and feeds popular opposition to austerity and reform.
At a time when chronic teacher shortages are emerging, this will lead to a vicious rather than virtuous cycle for those schools.
Poor hygiene and continued depletion lead to a vicious cycle of gastroenteritis and deterioration of the lining of the gastrointestinal tract, which interferes with absorption of nutrients from the little food available and further reduces resistance to infection.
Once the bond market starts changing its mind, the verdict can be swift, and can lead to a vicious circle of rising interest rates, increasing debt service and budget deficits, and falling confidence.
Before tonight's Israeli raids, the Jordanian prime minister, Ali Abu al-Ragheb, had urged Israeli restraint, warning that any retaliation would only lead to a vicious cycle of bloodshed.
