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The other area of mainstream economics that has changed utterly is the issue of deficit spending at a time of recession. We are all Keynesians now, apparently, with the Chicago school v. Passé.

In Ireland, deficit spending is almost 10% of GDP compared to the Masstrict Treaty maimum of 3%, and we have a Finance Minister who has read and favourably reviewed Piketty's Capital in the Twenty-First Century.

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by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Sun Oct 25th, 2020 at 04:34:35 PM EST
We're not structural Keynesians though. The money is being spent to keep the economy from imploding, not to grow it for the future with spending on education, services, and infrastructure.
by ThatBritGuy (thatbritguy (at) googlemail.com) on Sun Oct 25th, 2020 at 05:13:41 PM EST
[ Parent ]
In the case of Ireland, its both, with much of the increased expenditure being in health and education which will be ongoing.

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by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Sun Oct 25th, 2020 at 05:38:31 PM EST
[ Parent ]
That's reassuring for Ireland, but unfortunately doesn't seem to be common elsewhere.
by ThatBritGuy (thatbritguy (at) googlemail.com) on Sun Oct 25th, 2020 at 08:42:30 PM EST
[ Parent ]
In the US it's effectively all going to keeping the pump-and-dump FIRE economy going to siphon all assets to the 1% and their minions.
by rifek on Fri Nov 13th, 2020 at 09:39:42 PM EST
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