Cheap Thoughts on the Self-Correcting Economy: Konczal vs. Krugman

My friends Mike Konczal and Paul Krugman are duking it out over views about a self-correcting economy in blogposts today. It's actually not much of a fight, but there are a couple of points worth adding.

First, Krugman repeats his often stated view that this time is different, that the downturn in 2007-2009 is not self-correcting because the Fed was up against the zero lower bound. The story is that other central banks also faced the same situation. This meant there was no choice but to turn...