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With economic tools running low and economic results running even less, we must search harder for an explanation. The government is dramatically larger than anything that could have been imagined when Keynes‘ theory prevailed. Government spending may be such a large part of the economy that it can no longer serve as an exogenous stimulant.

J.T. Young served in the Department of Treasury, the Office of Management and Budget and as a congressional staff member. He is now a registered lobbyist.