http://thenextrecession.wordpress.com/2012/05/23/sensible-and-popular-keynesians-the-sophistry-of-raghuram-rajan/
Rajan seeks to suggest in discussing what needs to be done to get the
world economy going, it is necessary to make a distinction between
“sensible” and “popular” Keynesians. According to Rajan, sensible Keynesians
must instead advocate more
austerity and cuts in government until the private sector recovers of
its own accord. That’s neither sensible nor Keynesian.
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