Paul Craig Roberts
[Borrowed from http://paulcraigroberts.org/2013/10/31/paul-krugman-voodoo-economist-paul-craig-roberts/]
Friday, November 1, 2013
Economics lesson for the day
Keynesian stimulus policy works when the jobs from which people have been laid off still exist. By boosting aggregate demand for goods and services, the stimulus puts people back to work. But if the jobs have been moved offshore and the factories closed, the jobs no longer exist. No stimulus policy can put the unemployed into jobs that no longer exist.
[Borrowed from http://paulcraigroberts.org/2013/10/31/paul-krugman-voodoo-economist-paul-craig-roberts/]
[Borrowed from http://paulcraigroberts.org/2013/10/31/paul-krugman-voodoo-economist-paul-craig-roberts/]
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