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The missing link in the professional debate about the economic crisis: production time

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Roger W Garrison’s Time and Money: The Macroeconomics of Capital Structure bursts with insight but this from the final chapter could be the missing link in the debate about the economic crisis: [D]oes the existence and variability of production time have a first-order claim on our attention? This is the question which divides the schools of economic thought. If the answer is ‘no’, then conventional macroeconomics is right to ignore production time when dealing with questions of short-run variations in output […]

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