In a dramatic and well-argued challenge to the prevailing
wisdom, Prosperity and Public Spending, first published in 1988,
contends that the failure of Keynesian economics has been due to
its timidity. Far from contracting, the government must expand its
powers and activities, in order to achieve and maintain economic
prosperity. The need for such expansion arises from the fact that
the system has developed from a craft-based economy to a
mass-production network with sophisticated international finance.
This "transformational growth" brings about irreversible and
sometimes devastating changes, requiring government action.
Professor Nell argues that a lack of government action in the
decade prior to the book's initial publication was responsible for
the stagnation of the economy and he asserts that this could only
be overcome by a determined policy intervention and the political
will to achieve dominance over private capital.
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