As Paul Krugman might put it, this is a bit wonkish, but interesting…The Nobel-winning economist and NYT columnist has found himself in the position of being a deficit hawk. Sort of.
In a series of posts — you can just start with this one and move backwards — he debates against folks who argue that deficit never matter. He’s of the view that they don’t matter now, but that they could matter at some point down the line. Economists like Jamie Galbraith say they never matter. They’re pure accounting, and that thanks to the government’s monopoly on the printing press, they can’t be an issue.
Definitely read PragCap on the subject, too, if you’re interested.
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