What Happens with the National Debt
The Political Orphanage
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The Rise and Fall of the Pro-Dium Coin
Hayek said government should abstain from subsidies and injections of capital during good years. Keynes asserted that in economic downturn, you don't merely want the government to run a deficit but increase spending beyond normal. What makes the difference between the two according to Keynes is whether the government grits its teeth and brace yourself for a winter of fiscal austerity.
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