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In defense of backwater economics


Jamie Galbraith on why the distinction between Saltwater and Freshwater (at minute 26 or so of the video) is not a good one, and why we need Backwater economics. Backwater is actually a good name, since it may be caused by an opposing current, and that's what heterodox economics should be, a counter current to the main stream. The other parts of the panel with Krugman and Buiter here and here. This was during the INET Rethinking Economics conference, by the way.

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