Lakshmi Rhone wrote: > Dillard's point is that the multiplier was effective despite the pump > priming effect being weak. Let me read this old classic more carefully. I > tried to type in what he meant by pump priming. Can get a lot of it from > google books.
to me "pump priming" refers to not just multiplier effects but also "accelerator effects," which includes the ability of fiscal stimulus to raise realized profit rates (and thus expected profitability). It does not work if the economy is already at high levels of employment. -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
