Sandwichman wrote: > What part of the word "three" don't these stimulus addicts understand? > > One: investment. > Two: expanded consumption. > Three: working less.
with no cut in pay, right? > What John Maynard Keynes wrote. In May 1943. "The Long-Term Problem of Full > Employment." In the final phase of post-war economic performance, "It becomes > necessary to encourage wise consumption and discourage saving,-- and to > absorb some part of the unwanted surplus by increased leisure, more holidays > (which are a wonderfully good way of getting rid of money) and shorter > hours."< he forgot about "without a cut in pay," too. By the way, he talking about secular stagnation, no? The US may be going into a depression at this point (though who knows?) but it's not the same as secular stagnation, in which the basic long-term trend is toward higher and higher unemployment. If we're not in that situation, how is Keynes' advice relevant? -- Jim Devine / "Nobody told me there'd be days like these / Strange days indeed -- most peculiar, mama." -- JL. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
