Adam Tooze attributes to me the idea that many of the problems fo the past decade stem from the fact that we had "the wrong crisis"—and that we then in large part reacted to the crisis we had expected but did not in fact have. But I think this point is more Matt's than mine: Matthew Yglesias (2012): The Crisis We Should Have Had: "The US economy from 2002-2006... someday soon, the capital flows would come to an end... the value of the dollar would crash, restraining inflation would require high interest rates, and the US economy would feature a period of painful restructuring.... Sections of Tyler Cowen’s The Great Stagnation are about the crisis we should have had... Spence’s The Next Convergence... Stiglitz’ recent Vanity Fair article... Mandel’s piece on the myth of American productivity.... I can name others.... An awful lot of the Obama agenda has been about efforts to address the crisis we should have had. That’s why long-term fiscal austerity is important and why there was no “holy crap the economy’s falling apart, let’s forget about comprehensive reform of the health, energy, and education sectors” moment back in 2009...


#noted

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