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Posts Tagged ‘Mike Konczal’

Keynesian Checkers versus Monetarist Three Dimensional Chess

April 28, 2013 1 comment

spock-chess-2

You can almost smell the frustration pouring off Paul Krugman these days, as he once again proclaims the latest in a series of victories of Keynesian economic theory over its monetarists opponents.

Says Krugman:

“Sorry, guys, but as a practical matter the Fed – while it should be doing more – can’t make up for contractionary fiscal policy in the face of a depressed economy.”

Krugman’s argument, which is a continuation and expansion on a more extensive argument by Mike Konczal can be simplified: Keynesian policies are better at generating an overworked working class than monetarist policies.

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