Indeed, model-makers treat attention to inequality as an error bordering on a mortal sin - the sin of caring about "#DistributionalOutcomes" (that is, who gets which slice of the pie) rather than "growth" (whether the pie is getting bigger).

Stiglitz says that model makers have gotten a little better in recent years, formally disavowing #HerbertHoover's idea of #ExpansionaryAusterity, which is the idea that we should cut public spending when the economy is shrinking.

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