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The Long Slump In Durables——Why This Cycle Is Different
03-29-2016, 02:14 PM,
#1
The Long Slump In Durables——Why This Cycle Is Different
The Long Slump In Durables——Why This Cycle Is Different

Orthodox economic theory assigns recession to some exogenous “shock.” Without it, an economy is supposed to grow indefinitely along its trend or potential baseline so long as NAIRU (non-accelerating inflation rate of unemployment) is maintained. As you can imagine, economists and policymakers spend most of their time on that latter part which is one reason,...


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