An Age of Diminished Expectations? | by Kenneth Rogoff - Project Syndicate

As the US and European economies continue to struggle, there is rising concern that they face a Japanese-style “lost decade.” But policymakers must remember that whether or not the US and Europe avoid Japan's fate depends on their economies' productive vitality, not simply on short-term demand-stimulation measures. CAMBRIDGE – As the United States and European economies continue to struggle, there