Robert Skidelsky’s economic policy mess

“When John Maynard Keynes talked of persistent under-employment, he did not mean that, following a big shock, economies stay frozen at one unchanging level of depressed activity. But he did think that, without external stimulus, recovery from the lowest point would be slow, uncertain, weak, and liable to relapse. His ‘under-employment equilibrium’ is a form of gravitational pull rather than a fixed condition.”

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