More on Keynes In Asia

Paul Krugman:

Keynes In Asia: In early 2009, the IMF estimated the size of stimulus programs.... [I:]n the face of the crisis, Germany’s actions were very different from its rhetoric; it was pretty Keynesian in the crunch.... Korea and China both engaged in much more aggressive stimulus than any Western nation — and it has worked out well.

Part of the reason Asians felt empowered to do this was the fact that during the good years they did what you’re supposed to do. Keynesian...