On the issue of whether public expenditures resulted in the crowding out of private spending during the Great Depression, Field argues that:
"There's a clear and compelling argument about crowding out. It's really only relevant either from a theoretical or practical standpoint if the economy is close to potential or natural output. But then, as now, we were not close to full employment so there's no real problem in terms of monetizing government deficits. It's not going to create an inflationary problem and it's not going to push up real interest rates"You can find the rest of the interviews in this series on the INET website here. Also, I previously discussed the productivity-enhancing properties of public investment here and here.