Greece is Not Real (It’s Nominal)
May 21, 2012 at 14:16 PM EDT
Lots of people believe the structural view of the current global recession; some of them are smarter than me. But everywhere I look I see more and more evidence it’s a nominal shortfall, an AD problem. Or at least 70% is demand-side. I’ve already discussed: The LBJ argument. He was much more a big government [...]