Sound, active, macroeconomic management is essential for preserving the profit and loss function of the market economy. Without it, false loss signals distort markets.
We liberals, we friends of the free market and sound macroeconomics, should not concede this ground to those who would threaten profit and loss signals by rejecting sound macroeconomics in favor of a macroeconomic policy making environment principally informed by a political philosophy of unconditional non-intervention.
Defining "sound macroeconomics" is admittedly hard.
But it's not that hard.
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