A victory of sorts, for Keynesian economics, and ultimately, for the American people.
Earlier this year author Amity Shlaes, who is a conservative and not a Keynesian, was a member of the chorus of market absolutists and conservative economists who opposed the U.S. government's fiscal stimulus package, on philosophical grounds: government spending doesn't stimulate the economy. (Shlaes should talk to automakers based in the U.S. about that one, particularly amid the 'cash for clunkers' fiscal stimulus plan.)
Earlier this year author Amity Shlaes, who is a conservative and not a Keynesian, was a member of the chorus of market absolutists and conservative economists who opposed the U.S. government's fiscal stimulus package, on philosophical grounds: government spending doesn't stimulate the economy. (Shlaes should talk to automakers based in the U.S. about that one, particularly amid the 'cash for clunkers' fiscal stimulus plan.)
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