From: Allin Cottrell (email@example.com)
Date: Thu Jun 12 2003 - 12:39:06 EDT
On Thu, 12 Jun 2003, Rakesh Bhandari wrote: > Well touting a 5% unemployment rate as proof of the success or > effectiveness of Keynesianism (if that is what is implied here) only > shows how far standards had fallen from the 1960s! I'm not making a general argument for the effectiveness of Keynesianism. I'm making the more specific point that a high level of government deficit spending can be expected to lower unemployment. Whether the reduced unemployment is sustainable is a broader social-political issue. The average unemployment rate in the U.S. from 1960:01 to 1969:12 was 4.78 percent, not so different from that at the end of the Reagan deficit-spending episode. Allin.
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