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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--
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that it takes a heap of Harberger triangles to fill an Okun gap--
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or that the macroeconomic issues of recession
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and depression are terribly, terribly important relative
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to the microeconomic efficiencies