スティグリッツがヴァニティ・フェアに書いた大恐慌および大不況に関する記事(H/T Mostly Economics、Economist's View)が波紋を呼んでいる。 以下はその抜粋。 ...the inability of the monetary expansion to counteract this current recession should forever lay to rest the idea that monetary policy was the prime culprit in the 1930s. The problem today, as it was then, is something else. ... The underlying cause was a structural change in the real economy: the wide