Policy debate in the current recession is often portrayed to be an irreconcilable political battle, pitting those pushing austerity against those advocating growth.
Indeed, substantive real differences do separate groups having different views on what different policies can achieve.
But, equally, uncertainty on the state of the economy clouds judgment on what appropriate policies should be, especially so in times of economic crisis.
This article examines that latter uncertainty. By studying one example — UK policy options at the beginning of 2010 — it argues we need to understand better the implications of different measurements on an economy.
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