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The Other Half of Macroeconomics: Fixing Global Stagnation | Richard Koo

Uncover why traditional economics failed after 2008! In this Notebook Nuggets episode, we dissect Richard Koo’s groundbreaking The Other Half of Macroeconomics—the critically acclaimed manifesto that exposes the fatal blind spots in mainstream economic theory and offers solutions to stagnation, inequality, and ineffective policy 17. Discover why central banks globally failed despite "astronomical monetary easing" and how Koo’s frameworks explain today’s economic turmoil 19.

📚 Core Revelations:

Balance Sheet Recessions Decoded:

Why businesses prioritize debt repayment over profit post-crisis (e.g., Japan’s "lost decades," 2008 U.S. recession), paralyzing economies 18.

How this creates a borrower shortage—nullifying monetary policy 8.

The Three Stages of Economic Development:

Stage 1 (Developing): High investment opportunities drive growth.

Stage 2 (Industrialized): Balance sheet recessions emerge after asset bubbles.

Stage 3 ("Pursued" Economies): Advanced nations lose edge to emerging rivals, requiring redesigned tax/education systems 16.

The QE Trap:

Why quantitative easing fails in balance sheet recessions (e.g., Japan/Europe’s 0% inflation despite massive stimulus) 19.

Fiscal Policy as the Only Fix:

Governments must act as "borrower of last resort" during private-sector deleveraging 8.

Case study: FDR’s fiscal stimulus ending the Great Depression vs. Europe’s 2010s austerity worsening recessions 1.

⚠️ Why Economists Missed the 2008 Crisis:

Traditional models ignore paradox of thrift and debt-minimization behavior 17.

Koo’s "four states of borrowers/lenders" framework reveals why economies stall in "Case 3" (no borrowers) 8.

🌍 Globalization’s Unintended Consequences:

Advanced economies become "pursued" nations—outcompeted by emerging markets, fueling inequality and populism (e.g., Trump/Brexit) 17.

Solutions: Revise trade policies, invest in productivity-boosting infrastructure, and abandon "one-size-fits-all" economics 6.

🎯 For Listeners Who:

Question why inflation/growth targets failed post-2008.

Seek policies beyond central bank dogma.

Want to understand populism’s economic roots.

💬 Praise from Experts:

"Koo completes economics like Keynes did post-Depression. Nobel-worthy insights!" — Shousaku Murayama, ex-Bank of Japan 7.
"The only book explaining why QE failed globally." — Verified Amazon review 1.

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