Paul Krugman Crushes Our Hopes

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…Seeing some growth in Ireland, then, is not at all a refutation of Keynesian economics — it’s exactly what you’d expect, given that Ireland is in fact gradually achieving an “internal devaluation” via relative deflation. What would have posed an intellectual puzzle would have been a rapid bounceback to full employment. And that isn’t happening.

Dude, it’s Friday.

Irish Confusion (Paul Krugman, New York Times)

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