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Direct linkGoldsmith, Arthur H. – Journal of Economic Education, 2008
Standard introductory textbook authors assert that an increase in government spending expands aggregate demand in the short run but also raises the interest rate and, thus, crowds out private investment in the long run. Because the decrease in investment results in a smaller capital stock, potential output or production capacity decreases. The…
Descriptors: Macroeconomics, Economic Progress, Investment, Financial Support
