[J. Bradford DeLong] A time to spend in economy of recession
ViewpointsJan 2, 2011
BERKELEY ― The central insight of macroeconomics is a fact that was known to John Stuart Mill in the first third of the 19th century: there can be a large gap between supply and demand for pretty much all currently produced goods and services and types of labor if there is an equally large excess demand for financial assets. And this fundamental fact is a source of big trouble.A normal gap between