Paul Einzig Was Wrong!

Tyler Cowen sends us to:

Paul Einzig, from 1932: It is often argued that Governments are in a position to inflate by carrying out ambitious schemes of public works. Undoubtedly during the earlier stages of the crisis such measures might have produced the desired effect.  At present, however, they could hardly be adopted on any large scale.  Practically every Government has a huge budgetary deficit, which makes it difficult, if not impossible, to raise loans for meeting the extraordinary...