It is impossible to know, of course, simply this passage from an open letter Keynes wrote to FDR in 1933 offers about hints (emphasis added):
You are engaged on a double task, Recovery as well as Reform;--recovery from the slump as well as the passage of those draw of piece of job organization as well as social reforms which are long overdue. For the first, speed as well as quick results are essential. The mo may endure urgent too; simply haste volition endure injurious, as well as wisdom of long-range role is to a greater extent than necessary than immediate achievement. It volition endure through raising high the prestige of your management yesteryear success inward short-range Recovery, that yous volition convey the driving forcefulness to accomplish long-range Reform. On the other hand, even wise as well as necessary Reform may, inward about respects, impede as well as complicate Recovery. For it volition upset the confidence of the draw of piece of job organization footing as well as weaken their existing motives to action, earlier yous convey had fourth dimension to set other motives inward their place. It may over-task your bureaucratic machine, which the traditional individualism of the U.S.A. as well as the one-time "spoils system" convey left none besides strong. And it volition confuse the idea as well as aim of yourself as well as your management yesteryear giving yous besides much to intend nearly all at once.I know that some people would dismiss this appeal to the "confidence fairy," simply clearly Keynes was a big believer inward her importance to the short-run draw of piece of job organization cycle. Sumber https://gregmankiw.blogspot.com/
