bq. The interesting question is not whether Keynesian mechanics are better than Austrian mechanics, or whether saltwater fish is more nutritious than freshwater fish. The interesting question is who is driving the vehicle, and where they’re taking it. Trying to locate the precise fiscal multiplier in a liquidity trap is thus like arranging your living room for party with no invited guests: an interesting exercise, perhaps, but really what’s the point?
That’s Kindred Winecoff at UNC’s IPE Blog. More is here.