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Monday, March 11, 2013

'The Four Big Flaws in Progressive Attacks on Keynesianism'

Mike Konczal:

... When I read people like Sachs, I too notice four crude elements that stand out, all of which are significant problems for a story of what has gone wrong in the Great Recession and what can be done about it. In short, there's (a) no theory of the business cycle and the Great Recession, (b) an odd attack on automatic stabilizers, (c) leaping at any evidence of so-called "structural" unemployment, and (d) a curious absence of full employment as a progressive policy goal. ...

He goes on to explain in detail.

    Posted by on Monday, March 11, 2013 at 01:21 PM in Economics | Permalink  Comments (21)


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