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DeLong’s ‘Circular Flow’ Falls Flat

Economist Brad DeLong wrote on his blog yesterday about Paul Krugman’s “A Note on the Ricardian Equivalence Argument Against Stimulus.”  While the post was quite complex and requires a previous knowledge of Krugman’s argument, he makes one claim I would like to point out. “He gets it completely wrong because Krugman knows very well who…
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