Word: keynesism
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John Maynard Keynes, the trendiest dead economist of this apocalyptic moment, was the godfather of government stimulus. Keynes had the radical idea that throwing money at recessions through aggressive deficit spending would resuscitate flatlined economies - and he wasn't too particular about where the money was thrown. In the depths...
As President-elect Barack Obama prepares to throw money at the current downturn - a stimulus package starting at about $800 billion, plus the second $350 billion chunk of the financial bailout - we all really do seem to be Keynesians now. Just about every expert agrees that pumping $1 trillion into...
Is it the right mix? Who knows? But if it's any solace, the intellectual godfather of all economic-stimulus plans, economist John Maynard Keynes, didn't think the specific content mattered all that much. It would be better to do something "sensible" with the money, he wrote in the...
I suppose the one thing is, thank God for Larry Summers, in the following sense: when monetary policy has lost all traction, then your only hope is fiscal policy. The danger with fiscal policy is that they'd do too little, because we've spent the last umpteen years saying...
Near as I can tell, these guys are all dressed up for battle with no one to fight. Who are these latter-day Hooverites? What prominent economist is out there opposing a stimulus? What politician has said he or she will pass up the opportunity to vote for spending a...