Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
But those are only short term losses. Once we get to the "long run" growth path, there is no further losses under the mainstream models, no matter how much short term costs were imposed.

Whereas, in the real world, there is no distinct long-run growth path, and we are living inside a permanently smaller opportunity frontier if we pursue austerity policies.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Thu Nov 3rd, 2011 at 02:47:19 PM EST
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