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the new classical macroeconomics is almost impossible;
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there's no role for any kind of gap.
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It's much like discussing epicycles with a modern astronomer.
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Even within a Keynesian tradition,
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the accepted versions of the Keynesian model
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greatly circumscribe the scope for what was Art's major concern:
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underemployment and the output gap.
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If one thinks about the centerpiece
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of the supply side of any macroeconomic model,
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almost any macroeconomic model post 1980,
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in some form or other
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it has the implication that the change in inflation