America’s economic debate is stuck in a time warp. The prescriptions of free market economics peddled by the Republicans – slash taxes and spending, end financial and environmental regulations – are throwbacks to the 1920s. The other side is only a little better. In Paul Krugman’s telling, we are in the 1930s – and there are no structural challenges, only shortfalls in aggregate demand. We need to move beyond these increasingly irrelevant ideologies.