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Inequality on the Horizon of Need

BERKELEY – By any economic measure, we are living in disappointing times. In the United States, 7.2% of the normal productive labor currently stands idle, while the employment gap in Europe is rising and due to exceed that of the US by the end of the year. So it is important to step back and remind ourselves that the “lost decade” that we are currently suffering is not our long-run economic destiny.

As Paul Krugman recently reminded us, John Maynard Keynes perhaps put it best: