[J. Bradford DeLong] Return of grand mal economics
ViewpointsFeb 7, 2013
BERKELEY ― Across the North Atlantic region, central bankers and governments seem, for the most part, helpless in restoring full employment to their economies. Europe has slipped back into recession without ever really recovering from the financial/sovereign-debt crisis that began in 2008. The United States’ economy is currently growing at 1.5 percent per year (about a full percentage point less than potential), and growth may slow, owing to a small fiscal contraction this year.Industrial market