This is why I’m ashamed to tell people I’m an economist July 21, 2011
Posted by Sina in : Main , trackbackHistory will not be kind to those economists that in the face of depressed levels in aggregate demand and depressed levels of gross output and exhausted monetary policy didn’t know simple introductory economics and recommended that in the short-term government should cut spending to spur growth.
History will be even less kind to prominent economists, no matter how good their academic work, that knew better but stood silent in the sidelines. (see: Greg Mankiw)
In advanced economies around the world, for the past several years we’ve needed more government spending. We got nothing.
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