The Economic Instability Hypothesis

The wealth effect out of all of this would all feel that much better off, wouldn't we? That we would... If you did it right now, we would increase our spending. I mean, when I model it, I do get a boost in spending. But then the debt level falls, both private and public, because you have more economic activity. Now again, we're stuck with living in a world where you don't want more economic activity in terms of climate change. The fact we're having so many crises that once I can again blame on the economics profession.

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