On: How Depressions Work

But now you've left the argument about whether fiscal intervention is productive, and embarked instead on an argument about politics.

Theoretically, prompt fiscal intervention could temporarily fund productive projects for timely general economic benefit.

Practically, politics means fiscal intervention arrives late, stays too long, and is targeted to reward favored groups and centralize power.

There's no separating the two without a magic wand to implement benevolent stimulus without a political process.