Sunday, Oct 26, 2008
Oi, glubbermint, NO!
Guardian: Economists blast Chancellor's plans
A group of senior economists have branded the Government's plan to spend its way out of the looming recession a "misguided and discredited" approach that could make things worse. [Sounds like these guys have heard than Keynes isn't good news]
Posted by dohousescrashinthewoods @ 12:24 PM (352 views) Add Comment
2 Comments
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1. Bertywooster said...
Keynes theory has never been tried in the U.K. Labour did not cut expenditure during the “good years”.
Labour now plans to spend more but has failed to explain how it will fund this expenditure. Borrow, tax or both? Government expenditure will thus hoover up any liquidity in the market and crowd out private investment. It must be remembered that government expenditure is consumption and not investment. This misguided and hubristic government will only make things worse.
2. letthemfall said...
Remind me, someone, when did these economists get together as signatories to the letter that warned of the impending financial disaster due to the credit explosion.