The Magic Walrus assumes evidence not in existence, that the economy can price fast enough so that government always sees the median growth rate. But that assumption is limited because they assume g never marks to market, everyone else does. This is the so called fixed rate. But if G is the sole borrower, then no one can mark to market until G does, . They have no explanation of pricing that get them the mean price level for doing multipliers.
Like, housing has been rising by 5% while normal goods are in deflation. Multipliers will not even work until housing spends time with negative price change, to keep prices bell shaped.
Government has to mark to market more often than once a generation. And government marks to market by amortizing some of their investments, this is equivalent to putting money on deposit when other prices are doing better than yours. It is what makes the pricing system work.
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