(University of Massachusetts Amherst, 2015) Marglin, Stephen; Spiegler, Peter M.
This paper deploys cross-section regressions and open-ended interviews to assess the impact of grants to the states under the Obama stimulus (ARRA) of 2009-2011. Contrary to John Taylor and John Cogan (Taylor 2011a, b; Cogan and Taylor 2012), who conclude that the states saved rather than spent the grants, we estimate that approximately two-thirds of every ARRA dollar was spent by the states and one-third saved.
Stephen Marglin and Tariq Banuri argue that the debate between neoclassical and ecological economists over the limits to growth cannot be resolved by appealing to their empirical analyses, but by using the framework of environmental justice.
