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Boojatta

(12,231 posts)
8. A comment linked from the blog
Mon Dec 19, 2011, 04:19 PM
Dec 2011

The following was posted by somebody with the username "deanarms":

The "morality play" issue comes into play in 2 ways. First, a Keynesian concept like "pump priming" (expansionary policies in an economic downturn) isn't motivated by pity for the unfortunates, but because Keynes's theories, graphs and charts demonstrate that this will help turn the economy around, thereby benefiting all, sans sentiment. Second, the insistence on austerity now, now, now is wrong because, among other things, it is premised, not on economic analysis, but on a world view that the profligates in the world's economies must be punished -- a true morality play. How dare the Greeks (or Portugese, or Spanish or Italians) while away their time on beaches and in coffee shops squandering the hard earned euros of the industrious north! Now, they must suffer through austerity, regardless that austerity does not create economic recovery.

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