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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