In the eighties," Stokkan said last week, "aggregate spending in advertising and promotion increased on an annual basis anywhere from 8 to 8 1/2 percent.

"If you can do it quickly, you might even want short-run tax reduction to beef up aggregate spending, even if that means a dip into deficit."

For a start the required reduction in the price level may have to be very large indeed before it has a significant impact on aggregate spending.

"Freshwater economists" often reject the effectiveness of discretionary changes in aggregate public spending as a means to efficiently stabilize business cycles.

"Saltwater Keynesian economists" argue that business cycles represent market failures, and should be counteracted through discretionary changes in aggregate public spending and the short-term nominal interest rate.

However, it does not follow from these findings that governments can effectively mitigate business cycles fluctuations through discretionary changes in aggregate public spending or the short-term nominal interest rate.

The piece quotes a finding that while aggregate spending by or on behalf of children 4-12 roughly doubled every decade between 1960-1980, in the 1990s, it has tripled.

However, it is categorically rejected by Keynesian macroeconomics, which holds that economic activity depends on aggregate spending (at least in the short run).

Other estimates put the aggregate spending, including land, buildings, and equipment at £12,000.

In fact, aggregate spending from state funds would rise 8.5 percent, a boost reminiscent of the palmy Cuomo years.