Sunday, March 23, 2008

Three Stages of Financial Crisis - Brad DeLong

As John Maynard Keynes wrote more than eighty years ago: "The Individualistic Capitalism of today, precisely because it entrusts saving to the individual investor and production to the individual employer, presumes a stable measuring-rod of value, and cannot be efficient--perhaps cannot survive--without one."

See also Mankiws's 2008 = 1929?

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