Added to the Pile: Animal Spirits, and Who Has the Cure?
And Eric Rauchway Sets the Scene

The Short Run Deserves to Dominate

Mark Thoma makes a very good catch:

Economist's View: "The Short Run Deserved to Dominate": Brad DeLong quotes Murphy and Becker: "There are no free lunches in spending, public or private. The increased federal debt caused by this stimulus package has to be paid for eventually by higher taxes.... The burden from higher taxes down the road has to be deducted both from any short-term stimulus provided by the spending program, and from its long-run effects on the economy..."

They also say:

Unfortunately, short-term and long-term gains are in considerable conflict with each other.

Milton Friedman talking about the Great Depression:

Something had to be done; it was intolerable. And it was a case in which, unlike most cases, the short run deserved to dominate.

We have another case that is "unlike most cases."

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