Word: keynesism
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The modern civilized state claims a monopoly on punishment. Mobs with pitchforks, vigilantism, frontier justice - all seem sweaty and coarse compared with the men in powdered wigs duly processing the law. But as this crisis makes clear, we are in a new frontier now, in financial badlands created by technology...
What about the spending? Again, there has been an Alice in Wonderland quality to much of the criticism, as if economist John Maynard Keynes were a fraud and government spending couldn't possibly create jobs--especially spending on biomedical research, education about sexually transmitted diseases or other programs that sound...
What about the spending provisions in the various plans? Again, there has been an Alice in Wonderland quality to much of the criticism, as if Keynes were a fraud and government spending couldn't possibly create jobs - especially spending on biomedical research or education about STDs or any other programs...
But Keynes was also right that there would be more sensible ways to spend it. There would also be less sensible ways to spend it. A trillion dollars' worth of bad ideas - sprawl-inducing highways and bridges to nowhere, ethanol plants and pipelines that accelerate global warming, tax breaks for...
It will be tempting for Obama to let Congress and the states fill the gaps with their own wish lists. But as Obama adviser Larry Summers has warned, a poorly designed stimulus "can have worse side effects than the disease that is to be cured." Handouts for clean coal, ethanol...