Musgrave's point 2) is better outsourced to a competent Fed. If "fiscal policy" is maximizing national income according to points 1 and 3, it will still "look" Keynesian over business cycles, right?
You would think this is the single most important question before every Econ 101 class in the liberal arts curriculum and yet it is conspicuous by its absence. Why is that?
I remember this post well. I guess the reviewer who said Slouching was Second International Marxism was correct.
:-)
Musgrave's point 2) is better outsourced to a competent Fed. If "fiscal policy" is maximizing national income according to points 1 and 3, it will still "look" Keynesian over business cycles, right?
You would think this is the single most important question before every Econ 101 class in the liberal arts curriculum and yet it is conspicuous by its absence. Why is that?
I can actually recall hearing "given the income distribution" caveat, but I did not understand it for years.