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Krugman ( even Krugman !) teaches econ 101

The big problem with economic policy is not, however, that conventional economics doesn't tell us what to do. In fact, the world would be in much better shape than it is if real-world policy had reflected the lessons of Econ 101. If we've made a hash of things -- and we have -- the fault lies not in our textbooks, but in ourselves.


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