Thus, in the 1970s it was a bowdlerised deformation of Keynesianism that was used to justify a government spending-led growth spurt which was intended to generate self-sustained revenue expansion. The implicit parameterisation of this idea was wildly wrong.
1  1  2  See Ó Gráda’s 2012 Whitaker lecture for a vivid table showing how badly the plan for 1977–81 missed its unrealistic targets. BIS central bankers’ speeches  In the 2000s, in contrast, the Government was lulled into complacency by an apparently crass belief in untrammelled financialisation.