Greetings Economists,
On Jan 28, 2009, at 12:21 PM, Jim Devine wrote:
Some old guy developed a theory back in 1936 that suggested that
government purchases (including military spending) can substitute for
domestic consumer spending, as can exports and (in theory) fixed
investment.
In other words, Keynesianism has largely superseded
underconsumptionist theories, so that if we're going to be
underconsumptionist, we should use Keynesian ideas.
Doyle;
Which makes no sense given that U.S. workers can't buy which everyone
acknowledges is why things are spiraling down in the U.S. That
'consumer' support of the global economy that borrowing allowed led
right into this crisis. This also implies that military Keynesianism
is a solution to the current economic problems. In what sense does
Keynes supersede under consumption as a broad sense of the foundation
of the current crisis?
Thanks,
Doyle Saylor
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