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Paul Krugman Solves Everything

You see, the general rule — the rule to which Japan is the great exception — is that recessions are not a serious problem for large, modern economies. It’s not that the forces that cause recessions have been abolished — though every long expansion brings foolish proclamations of the end of business cycles. Rather, the point is that recessionary tendencies can usually be effectively treated with cheap, over-the-counter medication: cut interest rates a couple of percentage points, provide plenty of liquidity, and call me in the morning.

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