Re: Samuelson questions Keynes
Very weak response, if you ask me.
Krugman is someone whose opinion I respect, but I sometimes have the impression that his NYT columns are more propaganda than the views of a professional economist. He wants to convince policymakers (and himself?) that the current economic crisis is a re-play of the 1930s, and that what would have succeeded then (monetary expansion, Keynesian stimulus) will succeed today, even though western governments today are much deeper in debt than in 1930s. As Samuelson rightly points out, governments have in effect put themselves at the mercy of bond markets.