----------------- 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." ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]