True, Europeans are acting as if they’re fully recovered — but the truth is that eurozone industrial production is still below its 2005 level (pdf), and seems to be stalling. Worldwide, we probably have an output gap — resources going to waste, because we’re not using the productive capacity we have — of at least $2 trillion at an annual rate.
Saturday, November 13, 2010
Are we out of the woods yet?
A quote from Paul Krugman from Axis of Deflation:
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