I don’t know Paul’s reply, but my guess is it would be a similar argument as he made about cash transfers: There might be some short-term multiplier, but in the long run the growth tends to diffuse out, because there are limits to really high growth being sustained for a really long time. This view would be similar to my own skepticism about the “haste consideration” ( http://www.utilitarian-essays.com/haste-consideration-revisited.html ).
I don’t know Paul’s reply, but my guess is it would be a similar argument as he made about cash transfers: There might be some short-term multiplier, but in the long run the growth tends to diffuse out, because there are limits to really high growth being sustained for a really long time. This view would be similar to my own skepticism about the “haste consideration” ( http://www.utilitarian-essays.com/haste-consideration-revisited.html ).