Nancy and the Keynesians
Sir: Nancy Dell’Olio is a Keynesian (‘John Maynard Keynes, my hero’, 29 November), but if Keynes were alive today, he would be revising his doctrine. In the 1930s government expenditure was a much smaller proportion of GDP than it is today. So was the tax take. Then, with the private sector devastated by the slump, increasing government expenditure was the strongest lever to change sentiment and reflate the economy.
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