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Jun 30, 1997

Mars in the Ascendent

Exorcizing the economic isms

Back in the good old depression days, J Maynard Keynes worked out how to kick start a faltering economy: the government had to pump liquidity into its rusty bearings. It was okay for the government to run up debts during the downside of the cycle and when indices were indifferent, but it would be no bad thing if some of the money borrowed was buried in glass jars while some of the rest was used to hire the unemployed to dig it out. Of course, it would have been much better if the money were

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