Cardiff Garcia last week laid out a great taxonomy of two important camps in economics: those that emphasize the role of monetary policy and those that emphasize the role of fiscal policy in relieving economic conditions. In reality, of course, most people fall somewhere in between.
Garcia's main point is that, since we don't know what would be more effective right now, we try everything at once. That's intellectually unsatisfying because it doesn't deliver an answer to the question of monetarism versus a fiscal focus, but the real human costs of continued economic underperformance are compelling.
"Better to try everything at once, and then worry later about deciphering the causal mechanisms, post hoc," Garcia said.