It's not a term you hear bandied about much unless you're some sort of econ nerd who "gets it."
So I've just been trusting Krugman's observations and hoping at some point he'd define the term for me so I can quickly learn and just as quickly forget what it means. Again.
Save this for future reference.
It's why we should be doing exactly what any sensible person would think we shouldn't do in this recession. Don't cut spending. Don't save. Maybe even print more money? I'm not sure about that last one, but no, it is not like your mother's household budget.
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