Suppose for the sake of argument that the output of these intermediate suppliers had increased in unmeasured ways.

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The argument for easier money is that a shortage of liquidity is causing an unnecessary decline in economic output.

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His book addresses the argument in cost-benefit terms, and concludes that spending 1-2% of global output to avoid a significant temperature rise is a bargain worth taking a similar conclusion to that in his original 2006 study.

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