The US economy badly needs investments that enhance productivity but the private sector is unwilling or unable to provide them. In these circumstances there is a strong case for government intervention. Admittedly, consumption cannot be sustained indefinitely by running up the national debt. But to cut back on government spending at a time of large-scale unemployment would ignore all the lessons learned from the Great Depression.
This article is available to online subscribers only.
Please choose from one of the options below to access this article:
Print Premium Subscription — $94.95
Purchase a print premium subscription (20 issues per year) and also receive online access to all all content on nybooks.com.
Online Subscription — $69.00
Purchase an Online Edition subscription and receive full access to all articles published by the Review since 1963.
One-Week Access — $4.99
Purchase a trial Online Edition subscription and receive unlimited access for one week to all the content on nybooks.com.
If you already have one of these subscriptions, please be sure you are logged in to your nybooks.com account. If you subscribe to the print edition, you may also need to link your web site account to your print subscription. Click here to link your account services.