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Haven't seen him say anything about helping fund the education bubble. But then again, he believes all sorts of silly things. Like if you print money and pay pe
by skylan_q 14y ago
Haven't seen him say anything about helping fund the education bubble. But then again, he believes all sorts of silly things. Like if you print money and pay people to dig and bury holes over and over again, you can revive an economy.
- nhaehnle 14y agoLike if you print money and pay people to dig and bury holes over and over again, you can revive an economy. It is pretty obvious that the economy can be in a state where doing this will revive the economy - because of the indirect positive effect on aggregate demand. Is is also pretty obvious that there will always be better ways to revive an economy - such as by paying people to do something that is considered to be useful. Then you get both the indirect positive effect on aggregate demand and you're directly getting something useful done (whether it's fixing the infrastructure, cleaning up rivers, taking care of the elderly, or painting pretty pictures really doesn't matter that much). Keynes actually implied all this in the often quote that Keynes-haters like to bring up again and again without properly understanding it.