Hemlock for economic students
(Putting effective demand in the long run and prices of production together)
Friday, September 16, 2011
Robert Barro vs. Jamie Galbraith
Jamie Galbraith goes head to head with Robert Barro, in the enemy's territory (Bloomberg). Several important points raised by Jamie. Beware of the delirium about the post-1980s being the start of two decades of prosperity. In fact, medium income stagnated after that, and growth has been based on a series of unsustainable bubbles.