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It is amazing that these letters could have been written today by each side in the debate. BTW, just to further emphasize that the idea of fiscal stimulus did not originate with Keynes, see "Chicago, Keynes, and Fiscal Policy" by
E.P. Caldentey:

And while you are at it, I posted something at ThinkMarkets on these letters:

Further to the origins of fiscal stimulus being at Chicago, not Cambridge:

J. Ronnie Davis, The New Economics and the Old Economists.

Hoover and Sen. Wagner were followers of Foster and Catchings and their advocacy for fiscal stimulus in the 1920s.

An early draft of Keynes' General Theory shows that Keynes was a follower as well.

A good case can be made that Keynes made F& C respectable for Marshall trained economists -- and then buried the evidence.

The influence of Foster & Catchings both on academic economists and the public arena is massively under acknowledged in the current literature.

I don't think this is an accident.

I've typed up Hayek's letter here:

Foster and Catchings were Krugman without a Nobel Prize.

The conversation at ThinkMarkets is very good on this ...

Anything one man can imagine, other men can make real. So, whatever what you do, just work hard and think seriously, then the success will not far away from you.

*Instant is good, no seizing the moment is sad.

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