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Economic Musings VI: Modern Economies – Dying of Consumption

There is a great debate in the history of economics whether there can be under-consumption in any real historic moment of the state of an economy and if so, whether it has detrimental effects and if so, what is to be done about it. And modern economists seem to have found a magic wand with which to unfailingly repair any such damage and smoothen the otherwise rough ride of economic cycles. We’ll see if they have and what it might be worth, whether it’s a wand or a cane.

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