"Two and a half years ago Mike Konczal reminded us of a classic 1943 (!) essay by Michal Kalecki"
MASTER K sez pk
" .. suggested that business interests hate Keynesian economics because they fear that it might work — and in so doing mean that politicians would no longer have to abase themselves before businessmen in the name of preserving confidence"
yup so far so good
but comes a zoink
." This is pretty close to the argument that we must have austerity, because stimulus might remove the incentive for structural reform"
what ?
pk drives to the gates of enlightenment
reads the sign there and..
drives back to hooterville
and to add piffle on puffle
" that, ...., gives businesses the confidence they need before deigning to produce recovery."
