Are We All Keynesians Again?
A common refrain nowadays is that after COVID-19, Milton Friedman is out and John Maynard Keynes is in. But if, as the famous quote often attributed to Richard Nixon puts it, “we are all Keynesians now,” we must remember what Keynes taught: fiscal policy should be tightened during good times, precisely so that it can be expansionary during bad times.
https://prosyn.org/X0e1RkD
LONDON – Among the pieties repeated at every online COVID-19 conference, one is universally acknowledged: the pandemic has ushered in an era of larger, more robust state intervention in the economy. But what does this mean for the future? In what areas of economic life should and can the state do more?