The Political Economy Of Permanent Stagnation

On The Political Economy Of Permanent Stagnation - NYTimes.com: " . . . . all that matters is the rate of change in the months leading up to the election. In other words, high unemployment could become accepted as the new normal, politically as well as in economic analysis. I guess what I’m saying is that I worry that a more or less permanent depression could end up simply becoming accepted as the way things are, that we could suffer endless, gratuitous suffering, yet the political and policy elite would feel no need to change its ways . . ."

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