Essay on economic development

Am I forecasting that stagflation will reoccur? No, because the economy is too complex to make any such prediction—another Hayekian insight (see my fifth point below). [5] But it is clear that if one puts record amounts of money into the financial system (as the Fed has done to provide liquidity) while the federal government runs record-breaking deficits which promise to exist far into the future, the chances of any plausible exit strategy working become quite remote. As Clive Crook of the Financial Times put it in July 2009, “What the stimulus gives, the debt projections take away.” [6]

Essay on economic development

essay on economic development

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