This article is about the economic debate between those who believe that fiscal policy is useful in demand creation during recession and those who argue that monetary policy is a sufficient tool. This debate is often described in relation to whether one is a Keynesian or not. The point of this article is to make the case that it is beside the point to bring one's views about Keynes into the debate. The official view today within the UK Treasury, and the IMF, is that expansionary austerity has, in fact, been contractionary. The appropriate response to high unemployment, given current circumstances, is to use fiscal policy to increase demand.
The article is a bit wonkish, but it does a good job of describing the battle between the Chicago School and those who believe that fiscal policy can be used to stimulate demand. The empirical question has been answered positively.
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