How to summarize the most valuable insight of Macroeconomics in one sentence?
John Lanchester: "governments are not households"
Tyler Cowen: “Today is a long run from some time back.”
Scott Sumner: "The money (MOA) market drives cycles in employment, as well as long run growth in nominal aggregates, whereas government policies and cultural practices encouraging wealth creation drive long term real growth." or "Money is really important, but no one understands it."
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