But market pressure makes this strategy untenable. The market demands fiscal consolidation, and that the states address the structural shortcomings of their economies. And there is no doubt as to which stance will prevail: that of the markets. But that is not necessarily a bad thing.
One fundamental point, however, is that ongoing changes in technology are improving the terms of these tradeoffs, sometimes in several dimensions at the same time. For example, traditional constraints on the timing and location of economic transactions are being relaxed simultaneously and rapidly in a number of markets, leading to large potential gains in convenience.