I'm not going to buy the book to find out, but I wonder what his take on Keynes was?
Mine is that Keynes's policy ideas were spot on in a world in which central banks could not conceive of their role as preventing deflation or engineering real income-maximizing inflation and "belt tightening fiscal policy in recession was the norm.
With central banks doing FAIT and governments following an NPV>0 expenditure rule, we'd get "Keynesian" outcomes for "non-Keynesian" reasons.
I'm not going to buy the book to find out, but I wonder what his take on Keynes was?
Mine is that Keynes's policy ideas were spot on in a world in which central banks could not conceive of their role as preventing deflation or engineering real income-maximizing inflation and "belt tightening fiscal policy in recession was the norm.
With central banks doing FAIT and governments following an NPV>0 expenditure rule, we'd get "Keynesian" outcomes for "non-Keynesian" reasons.