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Justin Wolfers: The disjunction between textbook economics and the choices being made in Washington is larger than any I’ve seen in my lifetime: Noted for August 3, 2013

Justin Wolfers:

The disjunction between textbook economics and the choices being made in Washington is larger than any I’ve seen in my lifetime… At a time of mass unemployment, it’s clear, the economics textbooks tell us, that this is not the right time for fiscal retrenchment… Given that rough consensus in an otherwise quarrelsome profession, to watch it be ignored like this is exasperating, horrifying, disheartening.

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