Fiscal Policy, Logical Coherence, and Crowding Out Watch: Are There No Pencils?! Are There No Backs-of-Envelopes?!

Hoo boy! Would somebody please give Greg Mankiw an envelope, so that he can do arithmetic on the back of it before he writes again?

Greg Mankiw:

Greg Mankiw: Are stimulus skeptics logically incoherent?: Paul Krugman writes:

There’s now a lot of talk about the fact that U.S. corporations are sitting on a lot of cash, but not spending it. I don’t find that particularly puzzling: with huge excess capacity, why invest in building even more capacity. But almost everyone seems to...