The Default Setting
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The Default Setting By Michael Every of Rabobank Wouldn’t it be great if we could hold down a button and reset the world back to the default setting we thought was normal before our present mishigas? Boy, could we do with it! Neoclassical economic models think we constantly mean-revert anyway, ignoring the role of credit, supply chains, political-economy, and geopolitics. It’s like a Google Maps that only does straight roads, not bends: worth following for long stretches when...

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