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The mainstream in the last 10 years is down with more fiscal spending in the form of investment, but that is still supply side. They are not down with "aggregat
by Ericson2314 5y ago
The mainstream in the last 10 years is down with more fiscal spending in the form of investment, but that is still supply side. They are not down with "aggregate demand being structurally low, even between recessions".
Also the theory has not kept up. A lot of people spout decent ideas and do decent empiracle stuff, but the theory is not reformed and opposed to those conclusions so they just ignore it.
Really, the crazy Chicago people to their credit were always more honest about what the mainstream theory actually said. The saltwater people were rather two-faced in making sure they sounded less rediculous but not having an epicycle-free theory underpinning their more reasonable suggestions.