Governments can borrow more than was once believed
Hence only muted concern about borrowing to respond to covid-19
IF PEOPLE KNOW one thing about the thinking of John Maynard Keynes, who more or less founded macroeconomics, it is that he was in favour of governments borrowing lots of money, at least under some circumstances. The “New Keynesian” orthodoxy that evolved from his work in the second half of the 20th century was much less liberal in this regard. It put less faith in borrowing’s purported benefits, and had greater concerns about its dangers.
This article appeared in the Schools brief section of the print edition under the headline “Putting on weight”
Schools brief September 12th 2020
From the September 12th 2020 edition
Discover stories from this section and more in the list of contents
Explore the editionDiscover more
AI needs regulation, but what kind, and how much?
Different countries are taking different approaches to regulating artificial intelligence
LLMs will transform medicine, media and more
But not without a helping (human) hand
How AI models are getting smarter
Deep neural networks are learning diffusion and other tricks
The race is on to control the global supply chain for AI chips
The focus is no longer just on faster chips, but on more chips clustered together
AI firms will soon exhaust most of the internet’s data
Can they create more?
A short history of AI
In the first of six weekly briefs, we ask how AI overcame decades of underdelivering