"Should a progressive be satisfied with a regime of the political business cycle ...
I think she should oppose it on two grounds:
(i) that it does not assure lasting full employment;
(ii) that government intervention is tied to public investment and does not embrace subsidizing consumption."
" fuller utilization of resources should not be applied to unwanted public investment merely in order to provide work. "
' The rest of government spending necessary to maintain full employment
should be used to subsidize consumption .."
" Opponents of such government spending say that the government will then have nothing to show for their money. "
" The reply is that the counterpart of this spending will be the higher standard of living of the masses. Is not this the purpose of all economic activity?"