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what has been done, what may happen, what should be done,
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and what can be done over the longer term
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to make the return of such a crisis more important--less likely.
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Art was preoccupied through most of his career
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with the central macroeconomic issue of assuring stable growth.
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To use language that's perhaps more congenial to older than younger ears--
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avoiding underemployment and output gaps.
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It's revealing that the journal he founded
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was called the Brookings Papers on Economic Activity,
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suggesting a concern with the cyclical performance of the economy.
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He surely, as much as anyone,
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would have subscribed to Jim Tobin's famous dictum--