Frederic Bastiat channels his inner Larry Summers and declares himself in favor of the ARRA--a timely, temporary, and targeted fiscal stimulus program in a depression:
What Is Seen and What Is Not Seen | Library of Economics and Liberty: There is an article in the Constitution which states: "Society assists and encourages the development of labor.... through the establishment by the state, the departments, and the municipalities, of appropriate public works to employ idle hands." As a temporary measure in a time of crisis, during a severe winter, this intervention on the part of the taxpayer could have good effects... as insurance. It adds nothing to the number of jobs nor to total wages, but it takes labor and wages from ordinary times and doles them out, at a loss it is true, in difficult times. As a permanent, general, systematic measure, it is nothing but a ruinous hoax...
Jean-Baptiste Say channels his inner Larry Summers and declares himself in favor of the ARRA--a timely, temporary, and targeted fiscal stimulus program in a depression:
Treastise of Political Economy: [A] benevolent administrationcan appropriately make provision for the employment of supplanted or inactive labor in the construction of works of public utility at public expense, as in construction of canals, roads, churches, or the like...
