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There are two self-adjusting mechanisms far as I know: Say’s law and the Pigou effect. Neither works very well, so Keynes (and MMTers) are right: we need variable deficits and perhaps the occasional surplus to do the adjusting better.
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There are two self-adjusting mechanisms far as I know: Say’s law and the Pigou effect. Neither works very well, so Keynes (and MMTers) are right: we need variable deficits and perhaps the occasional surplus to do the adjusting better.
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