The Poverty of Stimulus
Most economists think that macroeconomic disruptions, such as the current recession, can be understood in terms of aggregate indicators like total employment, the price level, and the money supply. But this view is misleading, particularly in the current economic situation – and, worse, it misleads us into counterproductive economic policies.
https://prosyn.org/S85YsP4
PASADENA, CALIFORNIA – Most economists think that macroeconomic disruptions, such as the current recession, can be understood in terms of aggregate indicators such as total employment, the price level, and the money supply. But this view is misleading, particularly in the current economic situation. Worse yet, it misleads us into counterproductive economic policies.