" it's easy to run huge deficits at full employment
if you peg interest rates and impose price controls. "
"Despite all of the hype the arsenal of democracy phase of the new deal
produced little lasting real benefit in terms of
new useful productive commercial technologies,
improved human capital
or investment in physical capital"
but I can't quibble even with this
"All business cycles are simply policymaker choices"
choices here I consider toinclude
not just the intended
but the incidental and unintended too
the omissions and the commissions
