on Keynes
Modern Macro Economics = Keynes, in essence. That’s the reigning professional orthodoxy.
When folks can’t or won’t spend (pushing on a string), then Keynes told governments to Deficit Spend.
They did.
Ever since. (Recessions are poison to politicians)
But supposedly, it was more than policy. His was a “General Theory.”
Rubbish.
(And it was SO elusive a theory that no one could agree on how it worked)
https://x.com/Handre/status/2064364394423996768
Oh, and this is where Kristof goes wrong. (sees short term upside, neglects the end of the road)