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veen · 3095 days ago · link · · parent · post: Larry Summers: Advanced economies are so sick we need a new way to think about them
siiiiick bro Interesting article. It seems to go down to a fundamental question on the workings of economics. If I understand it correctly, his argument is that hysteresis being the norm implies a different way of thinking about economics, one based on change instead of constants. I hadn't thought about economics that way before.