"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."
Pokazywanie postów oznaczonych etykietą polityka fiskalna. Pokaż wszystkie posty
Pokazywanie postów oznaczonych etykietą polityka fiskalna. Pokaż wszystkie posty
Is Japan the Canary in the Keynesian Coal Mine?
"(...) I have been following the events in Japan
with great interest. This is partly
out of the desire to understand how a large, modern economy can be moribund for
23 years and counting. But I’m also interested because the policies that Japan
has utilized for so long are now being emulated by many countries around the world.
Japanese policy is the avant-garde of economics — or, perhaps, the canary
in the coal mine. And since the financial crisis of 2008, the United States and
Europe are following a very similar path. Of course, every country has
unique characteristics and is comprised of its own social customs, values,
demographics, and history. However, the approach these countries are
using — and which Japan is using with gusto — can generally be traced back
to the same philosophical source: John Maynard Keynes. Moreover, because Japan
has been using these policies and approaches for so long — and because it
has a very insular culture — we have a rich laboratory with which to make
observations about the efficacy of monetary policy, fiscal stimulus, debt
issuance, monetization of debt, and so forth."
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