Re: Krugman on the Deflation quagmire

["Esteban Perez" <eperez@xxxxxxxxxxxx>]

Keynes called the  "socialization of investment", meaning not
that the State should own the means of production but rather the government
should use all sort of "devices by which public authority will cooperate with
private initiatives" to increase the productive facilities that are the
backbone of our economy ― even if this means running perpetual deficit capital
account spending.
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Is it "should use all sort of devices" or "need not exclude...devices"?. After all in Vol XXVII, Keynes was more explicit and called for two-thirds to 3/4 of total investment in the economy to be influenced by public or semi-public bodies guided by private exchange. In Vol. XXI there is always the national investment board as a possibe socialization of investment and in his proposal for a Clearing Union (Second draft) there is the international investment board Vol. XXV p.60. It's more than just cooperation.

E. Perez
and stated