All of this is now revealed as wrong, at least for today, if not in the past or the future. Japan since the start of the 1990’s provides strong evidence that the short run can last for decades, and then be followed not by a return to the old normal, but by a transition to a new normal in which the Keynesian short run of economic depression casts a long shadow.
如今，所有这些都是错的，至少现在（姑且不论过去和未来）是如此。进入20世纪90以来的日本提供了一个强大的证据，短期可以维持几十年，随后仍不能回归旧范式，而是转向新范式——凯恩斯主义经济萧条的短期特征开始朝长期转变。自2008年以来我们看到，日本并不是例外。