Tuesday, November 18, 2008

I think some people confuse overall success with the idea of long-term vs. short-term success

Paul Krugman does a good job of identifying the successes of the New Deal in his column

To say the New Deal was a failure is to ignore the difference between long-term vs. short-term accomplishments. Something can do poorly in the short-run (as has been argued by two UCLA economists) but can ultimately be successful in the long run as Krugman argues.

Interesting...

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