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This chapter looks at the evidence and argument over how well fiscal and monetary policy has worked. This is an inherently inconclusive exercise, given that the reference point for “success” is an alternative reality in which different policies were pursued. The chapter also includes a taxonomy of arguments against the efficacy of stimulus policy, addressed in the framework developed earlier in the book of a biophysical perspective on long-run growth and money as part of the real economy.
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- Policy Assessment
- Chapter 17
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