A recent article by the best known Keynesian economist at Yale, Robert Schiller, begins this way: "[A] ... fact... about our current economic situation... can no longer be denied: our economy is in desperate need of government stimulus."
Does the rest of the article provide a defense of stimulus? No. Since the need for stimulus it is undeniable, there is no need to defend it. No reasonable person would disagree. Right?
Wrong. There is a problem here. Reasonable people do disagree, strongly disagree. Robert Barro, the distinguished Harvard economist, wrote an article about the same time as Schiller's explaining why neither logic nor evidence supports government stimulus programs. Barro is far from alone, among either economists or the general public.
Click here for the article.