|Mr Khan said:
Nope, hadn't been aware of that, I guess it's another historical myth. I do remember that part of the issue was the adherence to the gold standard from my Monetary Economics class, part of the issue that messed up Europe after the first world war by attempting to restore pre-war prices.
Of course, the issue with Keynesianism is that its tied to democracy, and improperly applied. Higher tax rates should be applied during the boom times to help slow the inevitable economic overheating (accumulating a surplus), set against tax cuts and stimulus spending during the
Yeah... Hoover actually was all about the spending. It's funny, his outgoing speech he basically said "Well I may be faulted for not getting us out of this, but the one thing that can't be said is that I didn't try anything."
Also worth noting about Hoover... as is important to certain economic beleifs today.
He saw Wallstreet as unproductive captial and industry as productive captial... and pushed for counter cylical budgetary policy.
Hoover was a Keynsian before Keynes.