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09/22/2011

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Mr. Roboto

My understanding is that Krugman et. al. are willing to take a chance on bringing about stagflation because a deflationary depression would be so much worse. Perhaps it is, but given our overall predicament, it's also pretty much inevitable. Keynesianism worked okay when the economy was flush was possibilities for further growth, but now that resource-constraints and economic-maximization (my own personal term for growth in an industrial economy going about as far as it can) are asserting themselves, all the old solutions be they liberal or conservative are meeting up with the principle of diminishing returns. I think of myself as a nonmainstream liberal, meaning while I have a liberal political temperament, I recognize that you can't have infinite growth on a finite planet.

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