Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
How did we afford to fight WWII?

JM Keynes wrote a book about that back in 1940.  It was one of the references mentioned at that Harvard Law School conference and suggested as a method of funding the Green New Deal.

Wikipedia article on the book:
https:/en.wikipedia.org/wiki/How_to_Pay_for_the_War:_A_Radical_Plan_for_the_Chancellor_of_the_Exche quer

Full text:

Solar IS Civil Defense

by gmoke on Tue Jul 9th, 2019 at 07:00:20 PM EST
[ Parent ]
The consensus view in US Mainstream Economics is that the Stagflation of the '70s discredited Keynes. That is a lie that has been promoted by propaganda spread by media owned by conservative billionaires and taught in countless universities, but it is the common view of those who have even taken introductory economics.

Keynes' discussion in The General Theory about the 'euthanasia of the rentier class' was taken very seriously by the wealthy. Stanford economist Laurie Tarshis sat in on lectures by Keynes in the '30s in England. After WW II he wrote Elements of Economics, an excellent introduction to economics based on Keynes' thinking. William Buckley led the charge against him and stirred up Joe McCarthy who further denounced Tarshis. Elements of Economics became radioactive.

Samuelson introduced some analytical techniques devised by followers of Keynes, Hick, Hanson and Phillips, as what became known as the Samuelson Synthesis in his introductory text 'Economics' in 1948. It was that version, especially the Phillips Curve, that was demolished by stagflation. The Phillips curve was based on assumptions of relatively closed national economies.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue Jul 9th, 2019 at 07:33:06 PM EST
[ Parent ]


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