Joseph E. Stiglitz, a Nobel laureate in economics and University Professor at Columbia University:
The Crisis Down Under
CANBERRA - The Great Recession of 2008 reached the farthest corners of the earth. Here in Australia, they refer to it as the GFC - the global financial crisis.

Kevin Rudd, who was prime minister when the crisis struck, put in place one of the best-designed Keynesian stimulus packages of any country in the world. He realized that it was important to act early, with money that would be spent quickly, but that there was a risk that the crisis would not be over soon. So the first part of the stimulus was cash grants, followed by investments, which would take longer to put into place.

# John Maynard Keynes...never been wrong
www.project-syndicate.org/commentary/the...#GLWvsplUsV2AX3od.01

Hedda, I won't say whether I think you're right or wrong.

www.maynardkeynes.org/maynard-keynes-economics.html



I'll just wait to see if ITK thinks JMK was a 'loony' ?

The reply (if any) will be brief - as Keynesian economics is another subject he knows nothing about.........

Tories worship the disastrous Milton Friedman who like his far right followers, have made economics in to a religion.

Thus simple ideas...such as spread money far and wide and it will get spent quickly thus boosting the economy and everyone benefits ( as FDR so spectacularly demonstrated), that governments can and does many things better than private corporations (like building trains for everyone )...are replaced with the concept that unchecked capitalism will always fill a void, the poor can pull themselves up by their own bootstraps (or perhaps the lash) and so on.

The results of Friedman economics : the Great depression, the 2007 Meltdown and worse will come.

Ben 7 wrote:
Hedda, I won't say whether I think you're right or wrong.

www.maynardkeynes.org/maynard-keynes-economics.html



I'll just wait to see if ITK thinks JMK was a 'loony' ?

The reply (if any) will be brief - as Keynesian economics is another subject he knows nothing about.........





Butskellism