From Greg Mankiw (emphasis mine):
I am more comfortable having the Fed commit itself to modest inflation than having the federal government commit itself to a trillion dollars of new spending. The more we can rely on monetary rather than fiscal policy to return the economy to full employment and sustainable growth, the better off future generations of taxpayers will be.
Also check out his discussion on crisis and the size of government.
1 comments:
I'm glad ManQ mentioned Higgs' book Crisis and Leviathan, which I had on my mind while reading ManQ's post. I've only read a lot of Higgs' smaller writings dealing with purported myths of FDR and the New Deal. I'd be interested to know what PP thinks about these issues. Higgs writes a lot for fee.org, so beware :)
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