Both John Kay and Joerg Bibow think additional government spending on public investment is a good idea, and that helicopter money (HM) is either a distraction (Bibow) or fiscal policy by subterfuge (Kay). They are right about public investment, but wrong about HM.In an age of moronism, SWL is probably correct from the pragmatic point of view. Under the neoliberal veil, politicians will never deploy fiscal policy. If they don't , and the central bank cannot offset even if it is willing to, this ship is going stern in the air.
Helicopter money in the US would result in a huge reaction from conservatives and Libertarians, however, who would see it as the work of the devil.
Helicopter money and fiscal policy
Simon Wren-Lewis | Professor of Economics, Oxford University