Over at Equitable Growth: I am on the hop from event to event right now, so I do not have time to give the keen-witted Greg a full and comprehensive answer to his question--nevertheless, the question does deserve a full, comprehensive, yet short answer. So may we crowdsource this?
On Wed, Jun 25, 2014 at 8:58 AM, Greg Ip wrote:
... 2) Separate but related, I am trying to describe the origins of stabilization policy. Keynes created a world in which such policy was needed; I assume it displaced a classical view of the business cycle which contained no role for government intervention. Can you point me to an article, by you or anyone else, that describes the classical view of the business cycle - and how Keynes displaced it?
2) You know, that is a remarkably hard question. There are really, three different 'classical' theories of the business cycle: READ MOAR