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" ... If the government raised the money in taxes, then the people paying the taxes have less money to spend in the exact amount that is going to be handed out. For the purposes of this analysis it doesn’t matter if the government can transfer money costlessly or if government employees get some along with way. The point remains, somebody’s spending power was reduced by the exact amount that somebody else receives. The person paying the taxes will now spend less and that missing spending cancels out the economic boost from the eventual recipient. ... "
" ... Less than a quarter of the way through the book, Bootle delivers what he thinks is the killer blow to the idea that technological unemployment is possible. “Unless and until robots can produce and reproduce themselves costlessly … human beings will always have some comparative advantage.” He admits that this might not help, as the income they could earn “might be appallingly low such that it hardly seemed worth working and the state has to intervene in a major way.” But he thinks humans have something better than comparative advantage: “In fact, such an outcome lies a long way off and, I suspect, will never transpire. For there are many areas where humans possess an absolute advantage over robots and AI, including manual dexterity, emotional intelligence, creativity, flexibility, and most importantly, humanity. These qualities ensure that in the AI economy there will be a plethora of jobs for humans.” And apparently that’s it. ... "
" ... The first is that if we underestimate the costs and risks of the economic policy response, we will underestimate those of the lockdown. The temptation to prolong—or reinstate—extreme social distancing and restrictions to business activity will be that much stronger if we believe governments and central banks can costlessly alleviate the adverse consequences. ... "