Plain Sense Economics

Cornell’s Robert Frank wrote today in The New York Times,
[...]there are really only three basic truths that policy makers need to know about deficits: First, it’s actually good to run them during deep economic downturns. Second, whether deficits are bad in the long run depends on how borrowed money is spent. And third, eliminating deficits [...]

This article in The Wall Street Journal describes the British economist, A. C. Pigou.
Here’s an excerpt:
In the years leading up to his death, in 1959, he was a reclusive figure, rarely venturing from his rooms at King’s College. His novel ideas on taxing polluters and making health insurance compulsory were met with indifference: Keynesianism was [...]