Buttoday theancientvirtueofthrift, as well as its defense by the classicaleconomists, is once more under attack, for allegedlynewreasons, while the opposite doctrine of spending is in fashion.
Apart from some die-hard NewClassicaleconomists, and the odd Rothbardian, everyone appreciates the difficulty of achieving such downward absolute cuts in nominal wage rates as may be called for to restore employment following an absolute decline in NGDP.