by the Sandwichman
David Blanchflower's keynote address to the OECD Policy Forum: "How can Labour Market and Social Policies best help workers weather the storm of the crisis?." Page 19 (the punchline):
Keynes’ Biographer Lord Robert Skidelsky
"Keynes’s big idea was to use macroeconomic policy to maintain full employment. His specific suggestion was to use monetary policy to secure a permanently low interest rate and fiscal policy to achieve a continuously high level of public or semi-public investment.
"Over time, as the returns on further additions to capital fell, the high-investment policy should yield to the encouragement of consumption through redistributing income from the higher to the lower-saving section of the population. This should be coupled with a reduction in the hours of work. In short, the object of macro-policy should be to keep the economy in 'quasi-boom' till the economic problem was solved and people could live 'wisely, and agreeably, and well.'"