Comment on "Blend of Fiscal and Monetary Policies" by Richard Musgrave

If Professor Musgrave had not stated his position so clearly, lay task would be more difficult; our disagreements would be less obvious, and I would be left in the position of the discussant who must reply by saying, "Yes, but ..." Fortunately, Musgrave has put forward a clear and able statement of his views — views that are shared by many others in the academic profession and are so widely held within government that an alternative view is hard to find there« At one point in his paper, Musgrave notes that the late Eisenhower and the early Kennedy administration advocated the same mix of policies to achieve growth and stability* Apparently, there is the beginning of a political consensus«