From the frontiers of knowledge (yes, it’s grading time again): “Fiscal contraction was first noticed in the 1960s by a man by the name of Fiscal and it was him who derived the short, medium and long run effects of it and how they would occur and the reasons for it…”
4 replies on “New Thinking on Fiscal Policy”
Isn’t that the man that worked as an economist in Guinness?
Indeed. I believe he was very stout and had a big head on him. It’s said that he was a keen student of liquidity and was the (unacknowledged) joint author with O.E. Covick of the seminal paper “The quantity theory of drink – a restatement” in Australian Economic Papers (1974).
Did he not advocate the adoption of the pint sterling?
Ah, I remember there was a portrait of the old geezer hanging in the Institute for Fiscal Studies.