Casey Mulligan argues that what government spends the money on does matter. He argues that it's virtually all that matters because the stimulus effects are close to zero.
Digging and filling in holes or keeping bridges from collapsing?
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Russ, I just listened to the Fazzari podcast and then read the Mulligan piece. Is there no crowding out in the Keynesian world? Fazzari wants major government spending but Mulligan provides an argument against it. Of course Mulligan confirms my priors so I want to believe him,