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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.
http://link.ft.com/r/5F39HH/
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