The labor party abdication of social democracy circa 1976 : "We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you with all candour that that option no longer exists, and so far as it ever did exist, it only worked on each occasion since the war by injecting a bigger dose of inflation into the economy, followed by a higher level of unemployment as the next step”

Pure poison ?


No the poison came with the corporate fashioned remedy !

Right then and there the correct strategy
" we need to socialize the price level path "

Here however is manly mackerel ' s. Take

"As a piece of text it only makes sense to modern ears if there is a missing sentence:

 that we failed to raise taxes and cut spending in a boom.


 Far from a denunciation of Keynesian countercyclical fiscal policy, 
it was an admission that politicians could not be trusted with operating such a policy,
 essentially because they imagined they could beat the Phillips curve 
using direct controls on prices and incomes. "

My my the road not traveled is blocked by a meme barrier ! 

One wonders what he thinks of Weintraub Lerner remedies ? 

Crude analogy : 
No more  massive electricity generation
It requires ruinous climate changing coal ! 

 Nicely he does add: 

" The fact that fiscal rather than (government controlled) interest rate policy 
was being used as the countercyclical instrument here 
           was incidental."