Month: May 2017

  • The Giant Logical Hole in Monetarist Thinking: So-Called “Spending”

    Ralph Musgrave, who knows a thing or two about modern economic thinking, perfectly articulates the giant logical hole in monetarist thinking in a recent comment (emphasis mine): If the private sector’s stock of saving is what it wants at current rates of interest, then additional public spending will push savings above the latter desired level, which…