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Thrift is No Paradox

I have an op-ed in today’s AFR refuting the paradox of thrift as a rationale for short-term fiscal stimulus measures.  In particular, I highlight the origins of the idea in the discredited ‘secular stagnation’ hypothesis of the1930s.  Text over the fold (may differ slightly from edited AFR version).

Greg Mankiw makes related arguments in the US context.

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posted on 12 January 2009 by skirchner in Economics, Fiscal Policy

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