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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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