It is not an exaggeration to say that the end of abnormal unemployment is in sight. And it isn't only the unemployed who will feel the difference. A great number besides will be taking home better money each week.
The Grand Experiment has begun. If it works -- if expenditure on armament really does cure unemployment -- I predict we shall never go back all the way to the old state of affairs. Good may come out of evil. We may learn a trick or two which shall be useful when the day of peace comes.
If we can cure unemployment for the wasted purpose of armaments, we can cure it for the productive purposes of peace.
Paul Krugman in "The Return of Depression Economics" (2012):
...faced with an economic crisis, countries were urged to raise interest rates, slash spending and increase taxes.
Why, sixty years after Keynes, would anybody think that that was a good idea to break so profoundly with the Keynesian compact?
The answer lay in the preceived need to win market confidence at all cost.
Tað er helt uforståeligt, at vi skal gentage de samme fejl igen.
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