Hot on the heals of the inane drivel coming from Summers
and Krugman on the subject of secular stagnation, Skidelsky
has now weighed in with the view that given a lack of investment opportunities
and near zero population growth, there may be only source of the demand we need
to bring full employment, namely “continuous fiscal deficits”.
As he puts
it, “In this situation, full employment could be maintained only by running
continuous fiscal deficits.” So what’s the problem with that, if Skidelsky is
actually saying there is a problem there? And that’s not clear, but the
suggestion seems to be that there’s a problem.
More clarity
please, Prof. Skidelsky.
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