27 November 2011 – SolidarityEconomy.net via Foreign Policy in Focus
War: The Wrong Jobs Program
More than 40 years ago, long before anyone had ever heard of Barack Obama, before the collapse of Bear Stearns, and before contemporary debates about bailouts and debt ceilings, two authors, Paul Baran and Paul Sweezy, considered a tricky problem. In times of downturn, the government must spend to stimulate the economy. Yet getting the political establishment to agree on one particular program of spending seemed nearly impossible.
Baran and Sweezy phrased the conundrum as a question: “On what could the government spend enough to keep the system from sinking into the mire of stagnation?”
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