Economic theorists attempt to explain the current and future economic environments by looking at the only data they have, the past. Sure, it is important to learn from the past, but with the dramatically changing economic condition (more global interconnectedness, more debt than ever etc etc) no other time in history has been like the present. As Krugman put it, “It’s much harder to say where the economics profession goes from here. But what’s almost certain is that economists will have to learn to live with messiness.” To solve this economic puzzle, tough group discussions must take place that address the real issues (leverage and mortgages to name a few) and create solutions, which may require a long hard look in the mirror. This nation was founded on hardship and tough decisions, so let U.S. return to our roots. No more politician patty cake (Do you think the founding fathers wrote the Declaration of Independence sitting around drinking tea and singing kumbaya?) no more half hearted attempts to fix the economy over 20 years, let’s roll up our sleeves and get a little messy.
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