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From:
[log in to unmask] (Brad DeLong)
Date:
Fri Mar 31 17:18:40 2006
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----------------- HES POSTING ----------------- 
 
Larry Moss said: 
 
>As far as inititating a line of research that would ultimately eat  
>away as the foundations of at least one version of Keynesianism (the  
>version that ended up in some texts).  Friedman consistently and  
>coherently argued that consumption was not a function of (current)  
>income and that households were more forward looking 
 
 
So did Keynes. Skidelsky's third volume (p. 277) cites Keynes as arguing 
against using the tax system for fiscal stabilization, because "... a 
remission of taxation which they could rely on only for an indefinitely 
short period might not stimulate their consumption by much." 
 
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