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5min chapter
Jo Guldi: Professor of Digital Humanities, Historian of Political Economy, and Author
RadicalxChange(s)
The Importance of Increased Returns
In Keynes's view, if the government buys a bunch of ice cream, there's no multiplier because you just eat the ice cream and it's gone. But if the government spends a lot of money on an interstate highway system, then all of a sudden, people have opportunities to start a gas station that wasn't there before. So what we need is a tax system that taxes people who benefit from the social value added to being at a crossroads. It gives us the recipe for the New Deal when the American government is spending lots of money rebuilding infrastructure.
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