Keynes in One Sentence

[womzilla]

The way out of a recession is not austerity, but growth.

--Duncan "Atrios" Black, PhD, 19 May 2010

Comments

[del-c.livejournal.com]

I say rich people don't suck their money out of employment *because* of recession, what they're doing (for whatever boom-bust bimodal panic reason) *is* the cause of the recession. And the remedy, if they won't voluntarily invest their money in employment (that "trickle down" they implicitly promised via the first George Bush), then they should do it involuntarily via taxes and government investment in labour.

It's depressing, but not unexpected, that the new Conservative/Democrat coalition in the UK is talking about deficit reduction entirely in terms of reduced employment, and acting as if increased revenue did not exist as an alternative possibility.

[(Anonymous)]

That's only half of Keynes in one sentence. Austerity is sometimes appropriate as well.