hard heads soft hearts

a scratch pad for half-formed thoughts by a liberal political junkie who's nobody special. ''Hard Heads, Soft Hearts'' is the title of a book by Princeton economist Alan Blinder, and tends to be a favorite motto of neoliberals, especially liberal economists.

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Friday, September 24, 2010
Krugman & Wells's NYRB pieces:

The Slump Goes On: Why?

The Way Out of the Slump

It really does seem like people reject depression economics because it strikes them as too easy & self-indulgent. i.e. "Surely the way to improve things is by hard work, restraint & sacrifice, not running deficits & printing money." But running deficits & printing money is merely a means to employ people: it does not diminish the need for hard work, restraint and sacrifice. I guess one successful example of trying to explain the logic of depression economics was the Marshall Plan speech:

Speech Delivered by George Marshall at Harvard University on June 5, 1947

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