In this case, what is bad for economists is good for the world economy: We may be facing a mere episode of financial distress in the US rather than sky-high long-term interest rates and a depression. The fact that economists can't explain it is no reason not to be thankful.
J. Bradford DeLong, professor of economics at the University of California at Berkeley, was assistant US Treasury secretary during the Clinton administration.
Copyright: Project Syndicate
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