The Demise of the Natural Rate Hypothesis

Quote for today (and tomorrows)...

The history of economic thought in the twentieth century is the history of a struggle between classical and Keynesian ideas. Two events have transformed this history since 1900. The first was the Great Depression of the 1930s, a prolonged period of high unemployment and low growth. The second was the Great Stagflation of the 1970s, a period of simultaneous high inflation and high unemployment. I believe the Great Recession is a third transformative event. Just as the Great Depression and the Great Stagflation changed economics forever, so will the Great Recession.  Prosperity for All, Page 31.

Read about this and so much more in Prosperity for All: How to Prevent Financial Crises