Julio Huato wrote:
...it is fundamentally wasteful (of people and resources), especially when the war is contrary to the interest of regular Americans.
But isn't that the point Krugman misses? Given that the New Deal didn't work, really, the only way out of the Great Depression was extreme devalorisation of overaccumulated capital. A war that destroys economic deadwood (i.e. is wasteful of people and resources) is often a useful way to restructure power relations and prepare the ground for a new round of capital accumulation, especially when built on the vast industrial ruins of, say, a Germany or Japan.
Schumpeterians recognise this, right? Can't Keynesians and Post-Keynesians and Krugmanians?
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