Lichidati si iar lichidati

9 Dec

The Economist despre ideile lui Keynes, acum 70 de ani:

While Christmas shopping was at its height we deprecated the idea that deliberate retrenchment of personal expensiture, not dictated by narrowing of the means of the individual, was socially desirable in present economic conditions. Mr Keynes, in a recent broadcast address, has gone further, and has advocated a course which, in our view, might prove the worse of two evils. Every pound saved, according to Mr Keynes, is so much added to the burden of unemployment, and now is the time for everybody, and especially for public authorities, to “spend magnificently.” In so far as trade depression is psychological, this might be sound advice if enthusiastic spending in Great Britain were sufficient to revive industrial confidence throughout the world. If it were not, the consequences…would be a brief and glorious boom for the sheltered industries and a rise in the domestic price level which, through its effect on costs, would give their quietus to the export trades…

[W]e adhere to our conviction that salvation lies for this country not in visions of “managed insulation” but in the reduction of costs; that retrenchment in many sections of wages and, furthermore, in unproductive State expenditure is essential if this desideratum is to be realised…


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