Scare tactics

Economists, with or without Nobel prizes, have been out in full force lobbying for "more stimulus." The problem is clear, they argue – aggregate consumption is not growing and employment situation is not improving. Every economics book or academic paper written thus far, worth reading, argues for more stimulus – fiscal, monetary or both – in such a situation, they assert. This is one of those obvious things, for without it, we will slowly decline into depression, they lament.

Economics and a...