"We are all Keynesians now. Even the right in the United States has joined the Keynesian camp with unbridled enthusiasm and on a scale that at one time would have been truly unimaginable....
...Keynes argued not only that markets are not self-correcting, but that in a severe downturn, monetary policy was likely to be ineffective. Fiscal policy was required...."
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"The world has not been kind to neo-liberalism, that grab-bag of ideas based on the fundamentalist notion that markets are self-correcting, allocate resources efficiently, and serve the public interest well..."
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1 comment:
But should Indonesia be Keynesian now?
http://www.thejakartaglobe.com/opinion/article/3456.html
its not liquidity trap for indonesia (yet).
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