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Here is a puzzle for Keynesian and other neo-classical economists. When a consumer buys something, he must choose; and if he increases his purchase of one product, he must reduce his purchases of other products by the same amount. In other words he cannot buy both. This must be true for whole communities as well. How then can you have ...
Earlier this week preliminary figures for the UK’s second quarter GDP were released, showing that the economy grew at an annualised rate of 0.2%. Both politicians and markets have become slaves to these statistics, the former prepared to alter economic policy to bolster them and the latter attaching significant importance to them. ...
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