For those of you who wish to see a response to Rajan’s (and my) argument posted earlier today, Paul Krugman in a NY Times blogpost makes the standard Keynesian case for full fledged stimulus. He even criticizes our hero Schumpeter. The battlelines are drawn between short term and long term thinking.
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Criticizing Schumpeter? Whoa.
He should know better than to play with the hornet’s nest.