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In short, Cooper tells us not to worry about our current account or its underlying causes. I have a much darker and, I believe, more accurate view of our current account deficit. While I agree with much of what Cooper says, I disagree most strongly with his central thesis that the current...
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Two contemporary issues provide reason to focus on national saving and investment: the debate over public pensions, and … pensions more generally, in all rich countries; and the large global current account imbalances, conceptually the difference …
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