Column: Country experiences major intellectual shift in thinking about U.S. economy

A public fight has emerged among economists over the past few weeks, which likely spells major policy changes over the coming years. It is worth understanding but needs a little background.

In the early days of the recession, there were two competing arguments about policy. It may be a bit crude, but I place them into two camps.

One argued against any type of fiscal stimulus; the other argued for some sort of stimulus spending. Those who thought some sort of stimulus was warranted won that policy debate. I count myself firmly in the winning group, as I publicly supported a very limited stimulus and a TARP (troubled asset relief program).

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