November 13, 2009
Did Oil Price Increases Contribute Much to Stagflation?
November 13, 2009
Unchecked and Unbalanced Watch
November 13, 2009
Cap Creditors' Bailouts?
November 13, 2009
Marginal Tax Rates, Again
November 13, 2009
The Faces of Janus
November 12, 2009
Bequest Question
November 12, 2009
The Signaling Model of Education Standing on One Foot
November 12, 2009
Health Care: Let the Games Begin
November 12, 2009
Lessons from Banking History
It didn't work in the 1930's either.
If you are going to make comparisons to the 1930s your charts should include 1930s data to demonstrate the points you are making.
Surely the stimulus is not 'irrelevant'? Surely such large changes in the economy must, overall, either benefit or harm the prospects of growth?
The data and analysis you present appears to make the argument that the percentage of the workforce which can be put to work by economic stimulus is much smaller than in previous decades. This would suggest to me that the stimulus should be smaller than traditional Keynesian analysis would suggest, not that fiscal stimulus is useless. My best guess is that you believe the amount is such a small percentage of the overall economy that targeting stimulus to the appropriate sectors would either be impossible, not worth the trouble, or too politically difficult. As bgc states, your conclusion is incredibly simplified, but I guess column space is what it is.