Against this view, Keynes pointed out that interest-rate reductions may not do the job, because at zero or near-zero rates investors hoard cash rather than lend it out. Hence, as he put it in 1932, there may be “no escape from prolonged and perhaps interminable depression except by direct state intervention to promote and subsidize new investment” – which is what the Obama administration is rightly doing.
对于芝加哥学派的经济学家来说，失业率的上升代表人们自愿选择休假。如果基于这种判断，那么政府的经济救助无异于错误地鼓励人们休假。他们认为唯一有效的方法就是多印钞票，这会降低利率，经济从而得以复苏。