Robert Skidelsky — Four Fallacies of the Second Great Depression

Robert Skidelsky demolishes of four popular fallacies:

1. That because it makes sense for a household to live within it’s means, that therefor the private sector as a whole should live within its means in the sense of saving up ever increasing stocks of money.

2. That government cannot spend money it doesn’t have.

3. That the national debt is deferred tax.

4. That the national debt is a burden on future generations.

Project Syndicate
Four Fallacies of the Second Great Depression
Robert Skidelsky | Professor Emeritus of Political Economy at Warwick University and a fellow of the British Academy in history and economics, is a member of the British House of Lords
(h/t Ralph Musgarve via email)