Attacking the Treasury View, Again

In this paper, the author argues that despite some caveats and adjustments, the basic insight offered by John Maynard Keynes' into economics remains valid. The unnecessary suffering caused by the Great Depression motivated Keynes in his writings and his public involvement. The unnecessary suffering caused by the current downturn should have the same effect today. In this vein, the author discusses the evidence for expansionary fiscal contraction and the logic of expansionary contraction.

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