Fear The Terminator---The Danger Of Phony "Recovery"

The problem with prolonged stagnation is that the costs associated with it are not strictly economic in nature. There is, of course, the substantial loss in terms of opportunity cost or output that should have happened. But more than that, any society caught within the viselike grip of such malaise is a frail one subject to marginal erosion at the edges. By its end, it may not be much the same as when it started.



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