By examining the rhetorical use of an old piece of economic theory by some contemporary economists, this paper intends to report on "how today's economists conduct a public policy debate". This paper is neither a scholarly history of the interwar debate nor a sophisticated critique of current economic policy. It is an attempt to link the policy and theoretical arguments of two similar debates separated by nearly 80 years. The second part of the paper demonstrates that the (un-)expected return of the Treasury View is a case study illustrating two very different modelling strategies.