>Yeah, yeah, yeah. Keynesianism is dead. Long live Keynesianism.
>
>Japan isn't a case of fiscal impotence, but stop-start fiscal austerity.
>>From 1993-96, the %age changes in central government spending have been .2%,
>1.0%,-2.9%, 5.8%, respectively. Surprisingly, the year of 5.8% central gov't
>expenditure increase, GDP in Japan rose by 3.6%. That's not to say that
>Japanese fiscal policy is necessarily good, but it certainly hasn't
>exhausted itself. "The fiscal card has been played" sounds like American
>neo-liberal triumphalism--or the Financial Times op-ed page.
Do you mean to say that the Japanese government can spend its way out of worldwide deflationary pressures & the dead end of product-cycle industrialization at which Japan has found itself? When _all_ other governments are pursuing neo-liberal policy? Even with no Red alert motivating the ruling class to pony up some welfare programs to buy workers' allegiance?
I thought it's only Dennis R. who had a case of incurable Eurasian euphoria.... (Yes, a medical metaphor! So sue me!)
Yoshie