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Column: No magic toolbox for fixing broken economy
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My friend is a carpenter. He has two heavy boxes of tools and several other containers with stuff. I recognize some of the tools, but many of them are mysterious to me.
Economists have no boxes of tools to fix things.
Such economic tools as there are in society rest in the hands of others: consumers, workers, business owners and government officials. If we do show up at some event with boxes, they are likely to be well-wrapped but empty.
The principal problem in a recession is the lack of spending.
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