"That's stating the obvious like everyone needs to breathe."
That may be obvious to you but not to lots of people including modern macroeconomists.
"Doomed to repeat it?
"What to do? In many applied disciplines, like medicine, practitioners go back to basics when the facts change. If their current practice fails to produce the desired result, they search their armamentarium for others. If their assumptions prove wrong, they look for more appropriate ones. But not modern macroeconomists – they say we must simply endure what they call secular stagnation. This is an unhappy prediction. Monetary policy does not work today; instead, this is the perfect time for fiscal policy. There are immediate needs to repair roads and bridges, rebuild energy grids, and modernize other means of travel. Expansive Keynesian fiscal policy will benefit the economy in both the short and long run."
