Wednesday, November 17, 2010

You sunk my battleship!

Wow! KPC friend Will Wilkinson scores a bulls eye. Please read the whole thing but here's a teaser to get you going:

"When it comes to macro policy, talk of bounded rationality, animal spirits, and the like is mostly just handwaving used to justify a retreat to "old-fashioned hydraulic Keynesianism" against the dominant stream of professional opinion when doing so suits one's ideological predilections."

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