“The right remedy for the trade cycle is not to be found in abolishing booms and thus keeping us permanently in a semi-slump; but in abolishing slumps and thus keeping us permanently in a quasi-boom.”
Thus wrote John Maynard Keynes in 1936. More than 80 years on, his insistence that governments should continue to stimulate demand even in a prolonged upswing is newly relevant.
The long, slow recovery from the 2008 financial crisis shows how concerns that demand stimulus had exhausted its purpose and should be dialled back have been at best premature. So what have we learnt? The lessons are remarkably similar in all advanced economies.
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