20 years ago – no, 10 – you couldn’t eavesdrop upon learned discussions like this one, between Austrians, Keynesians (and no doubt monetarists, somewhere). You would have to have invaded some university common room. Which I intend never to do.
Check out the responses to ‘Ben’s‘ point about grandchildren paying for our mistakes, and also Greg and Pretzel Dude* arguing about the origin of the massive financial bubbles. Not every Keynesian will be as uncompromising as Billy Blog, defending Australian policy – but I think he makes a convincing case that making GDP higher now enables tax revenue in the future to pay off debts incurred today.
Finally, I love this sort of bitchiness: