2014-05-09davidstockmanscontracorner.com

``As has now been apparent for decades, the Great Inflation of the 1970s was a live fire drill that proved Keynesian activism doesn't work. That particular historic trauma showed that "full employment" and "potential GDP" were imaginary figments from scribblers in Ivy League economics departments--not something that is targetable by the fiscal and monetary authorities or even measureable in a free market economy.''



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