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Video: The Myth Of The Great Moderation

Cujo359's picture

Awhile back Lambert wrote an article discussing some of the changes that have happened in the American economy since the 1980s, and what graphs might show that change best. Here is a video by Donna D'Souza (AKA Haiku Charlatan) that shows a lot of charts that show exactly that. She also presents a few contrasting quotes from John Maynard Keynes and Alan Greenspan, whom one might call the light and dark sides of modern macroeconomics.


Submitted by lambert on

(With the exception of the page that implies deficits are a problem (although the creator is otherwise sound on aggregate demand))*

Here's the original post calling for charts on that topic; it's nice to see this "when it changed" meme going mainstream, slowly.

NOTE * As we would expect them to be!

First they ignore you, then they ridicule you, then they fight you, then you win. -- Mahatma Gandhi

Cujo359's picture
Submitted by Cujo359 on

Yes, I'd have said it's better for a government to borrow to invest than to consume, but during a depression it should run a deficit until the depression is clearly over either way. And yes, a government that issues its own currency doesn't need to borrow to run a deficit.

We need to keep pointing that out...