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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Lambert Strether</author_name><author_url>https://www.nakedcapitalism.com/author/lambert-strether</author_url><title>Richard Wood: Jackson Hole, the crisis and policy responses: A new orthodoxy  | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="npheGqz8PJ"&gt;&lt;a href="https://www.nakedcapitalism.com/2012/09/richard-wood-jackson-hole-the-crisis-and-policy-responses-a-new-orthodoxy.html"&gt;Richard Wood:  Jackson Hole, the crisis and policy responses: A new orthodoxy&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2012/09/richard-wood-jackson-hole-the-crisis-and-policy-responses-a-new-orthodoxy.html/embed#?secret=npheGqz8PJ" width="600" height="338" title="&#x201C;Richard Wood:  Jackson Hole, the crisis and policy responses: A new orthodoxy&#x201D; &#x2014; naked capitalism" data-secret="npheGqz8PJ" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>By Richard Wood, a long serving economist at the Treasury in Canberra, Australia. He served as Minister (Economic and Financial Affairs) in Paris, and represented Australia at the OECD and the Paris Club. Views expressed in these articles are his own and may not be shared by his employing agency. Originally published at VoXEU.  The crisis is deepening in Europe, and recession is spreading globally. This column argues that macroeconomic policies have failed to overcome the dual problems of flagging aggregate demand and high and spiralling public debt. It urges policymakers to abandon failed orthodoxies and irrelevant treaties and consider new, alternative solutions.</description></oembed>

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