Oxford Review of Economic Policy volume 36, issue 3, P712-723 2020 DOI: 10.1093/oxrep/graa039 View full text
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Jeffrey D Sachs

Abstract: Abstract  The 2008 financial crisis laid bare several deficiencies of mainstream macroeconomic analysis, most importantly the failure to engage in systematic differential diagnosis. Mainstream macroeconomics, following Keynes, has unduly privileged aggregate demand shocks in both analysis and policy prescription, whereas actual macroeconomic crises emerge from a much more diverse set of causes: demand, supply, panic, coordination failures, and, of course, even pandemic disease. The systematic ap…

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