"Japan has been the king
of “helicopter drops” under the money-financed government spending definition,
but has never undertaken the sort of direct-to-household, unconditional
transfers that Beckworth proposes. Beckworth is very clear that he supports
heli drops precisely because “[f]iscal policy geared toward large government
spending programs is likely to be rife with corruption, inefficient government
planning, future distortionary taxes, and a ratcheting up of government
intervention in the economy.” Direct, unconditional, uniform transfers to
households are nearly immune to corruption and involve no increase in the
degree to which government directs the use of real economic resources. (...)
Japan’s fiscal policy, on the other hand, has been notorious for cronyism, and
has directed oceans of sweat and concrete into infrastructure."
