Larger deficits are necessary and proper means to mitigate unemployment as the far greater evil in terms of human welfare.
From William Vickrey
I define genuine full employment as a situation where there are at least as many job openings as there are persons seeking employment, probably calling for a rate of unemployment, as currently measured, of between 1 and 2 percent.
Balancing a nominal budget will solve nothing, and attempting to achieve such a spurious balance will produce much mischief.
Deficits do not in themselves produce inflation, nor does a balanced budget assure a stable price level.
Don't you think you're just rearranging deck chairs on the Titanic?
Increasingly prices are set by sellers to raise their prices without a loss of sales sufficient to wipe out the gain.
It's insane to try to balance the budget.
The insane pursuit of the holy grail of a balanced budget in the end is going to drive the economy into a depression.
The nominal budget is a poor indicator of the impact of government outlays and revenues.
This paper was one of my digressions into abstract economics.
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