Krugman mentions secular stagnation as a proof of the open minded - TopicsExpress



          

Krugman mentions secular stagnation as a proof of the open minded approach by neoclassical economists. But that is false because you could find secular stagnationists among mainstream economists: Hansen and Haberler. The difference was that then a person like Hansen would be cognizant of history and politics, not focusing on just one thing. Today they know literally nothing outside the models that they have learned to regurgitate. Hence for most of them secular stagnation would be secular what? Of course,in this context the cunning Larry Summers is a giant but he would blow up the planet, no problem. His suggestion that to overcome stagnation it is necessary to pump up as much as possible a new financial bubble is irresponsible. Yet it shows that they are running out of options in terms of their own political economy.
Posted on: Sat, 26 Apr 2014 12:46:39 +0000

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