Via Rortybomb
“Here’s an interesting response to the pretty good job numbers from Friday. Tyler Cowen at marginalrevolution: “The ‘big loser’ here?: Old Keynesianism. You really can get a recovery when the real shocks are moderately positive. You will note, as we have been told many many times by many many sources, fiscal and monetary policy have not been extremely pro-active in recent times; in fact the stimulus has been trickling to a close. The big winners, apart from the American public?: real business cycle theory.”
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