In un ottimo articolo titolato “Consumers Don’t Cause Recessions“, Roberth Murphy spiega come gli argomenti di Krugman contro la teoria austriaca del ciclo economico siano basati sul vecchio e stantio flusso circolare del reddito di Keynes.
Questo modello non contempla i concetti di tempo e struttura del capitale e merita al massimo di essere appiccicato nell’album delle figurine del pensiero economico.
Ecco come conclude Murphy:
His policy recommendations are based on a Keynesian model bereft of time and the capital structure of production. Recessions are rooted in misalignments in this unbelievably complex structure, and there needs to be a period of below-normal output as these pipelines are fixed. Most important, consumers are doing the right thing when they increase their saving during a downturn. If solving a recession really were as simple as getting people to spend, then we wouldn’t keep experiencing them.