Happened to read a good article by Paul Krugman where he compares the Japanese economy of the 90s to the modern day US economy and goes on to explain how the former is somewhat depressed but not in depression. Appears to be an exercise in semantics to the uninitiated but there is a whale of analytical truth between the two.
This is said about man - 'the reasonable man adapts himself to the world. The unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man'. It could well become true of economics and the path of prosperity
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