CHAPTER TWELVE

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Six Durable Economic Myths

THERE IS A GREAT DEAL of talk today about changes that are taking place in the structure of the American economy. But our political rhetoric and our economic policies are dominated by myths about this structure rather than by the structural realities themselves.

In particular there are six such myths believed by almost everyone but completely at odds with the realities of the American economy.

The first of these is the belief, shared by practically all economists as far as I can see, that we face long years of high unemployment, even if the economy returns to “normal.”

This simply does not jibe with our ...

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