On Nov 19, 2008, at 4:59 AM, B. quoted the execrable Shlaes:
> Keynes taught that spending, especially spending by consumers, is
> the way out of a slowdown.
No he didn't. He was concerned with the investment behavior of what he always called "entrepreneurs." They invest, based on expectations for profit. Those expectations are formed, in part, by the expected spending on consumption. If those expectations are gloomy, as they are now, then the state has to do the investing.
Doug