Lee Ohanian on were Keynes, and Friedman and Schwartz all wrong?

From https://www.economicdynamics.org/newsletter-april-2000/

7 Comments (+add yours?)

  1. nottrampis
    Mar 29, 2020 @ 11:34:57

    Keynes wrong?

    Stimulus spending allied with real wage cuts worked in Germany. It was the ONLY country to get out of the depression.
    It still works!

    Like

    Reply

    • Jim Rose
      Mar 29, 2020 @ 11:55:03

      remember the Premiers’ plan?

      Like

      Reply

      • nottrampis
        Mar 29, 2020 @ 13:21:03

        I have written about it. Australia did not get out of the depression.

        The best we got was 8% unemployment. That is a recession. We di not get out of the depression until the war.

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        Reply

        • Jim Rose
          Mar 29, 2020 @ 14:08:04

          When was the 8% unemployment rate?

          Like

        • nottrampis
          Mar 29, 2020 @ 14:30:20

          when our ‘strong ‘recovery occurred

          Like

        • Jim Rose
          Mar 30, 2020 @ 02:13:09

          Not willing to say when because you would have to admit you were wrong.

          Like

        • nottrampis
          Mar 30, 2020 @ 10:07:19

          mate I have write about this on my blog,
          Austerity here meant GDP falling. A massive devaluation later helped boost output. We only got back to recession levels of unemployment .

          Expansionary austerity never has any legs at all, Germany was the only country who got to full employment. via increased Government spending and real wage reductions which is what Keynes advocated.

          Like

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