Dec 7, 2020
KENNETH ROGOFF
Macroeconomists broadly agree that productive infrastructure spending is welcome after a deep recession, especially when interest rates are at record lows. But in advanced economies, any new project typically requires navigating difficult right-of-way issues, environmental concerns, and objections from apprehensive citizens.
We will get mainly infrastructure week as each attempt runs up against the set aside problem. The solutions are not in the imaginations of our macro economists, yet. Give them another year of post graduate work and we can try again.
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