“There are two leading explanations for the very slow recovery in the unemployment rate, and the continuing low growth of labor productivity, in the aftermath of the Great Recession. One group of classical economists clings to pre-Keynesian ideas that blame the recession on bad economic policy. The second group of New Keynesians seeks to resuscitate failed interpretations of Keynes on which the profession gave up, rightly in my view, during the 1980s. Both groups are wrong.” (Pages 12-13, Prosperity For All)
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