A Grand Unified Economic Theory?
In recent years, the long-running debate between Keynesian and Austrian economic thought has become increasingly contentious – and, as the US government shutdown demonstrates, the costs of stalemate are mounting. A more unified approach to economic policymaking that draws from both traditions is needed.
NEW YORK – Last month’s US government shutdown – the result of a partisan standoff in congressional budget negotiations – epitomizes the polarization that prevails in modern economic-policy debates.