It espoused the conventional wisdom of the day—what is often called the “Treasury view”.
它站在了当时的传统智慧,也就是常说的“财政部观点”一边。
英语百科
Treasury view
In macroeconomics, particularly in the history of economic thought, the Treasury view is the assertion that fiscal policy has no effect on the total amount of economic activity and unemployment, even during times of economic recession. This view was most famously advanced in the 1930s (during the Great Depression) by the staff of the British Chancellor of the Exchequer. The position can be characterized as: