brad delong

Most mainstream academic and government economists -- elites, we should note, who are generally well-protected from the vagaries of the real world -- are united in the view that massive federal deficits to fund stimulus programs are not just a good thing but a necessary thing. Economist J. Brad...

Brad DeLong, a Berkeley economist, thinks that different rules about government spending and deficits apply during a Depression. When the economy is doing fine, he estimates, $1 of government spending yields 40 cents in extra production and related jobs. But in a Depression, the $1 yields $1.50,...