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PHILADELPHIA — Academic heavyweights have been debating whether the United States economy is so sluggish because of too much government stimulus, or because slower growth had become the norm even before the recession. But maybe these arguments share a faulty premise.
The US economy is actually doing reasonably well — at least compared with what would be expected after a major financial crisis — according to a provocative study from Carmen M. Reinhart and Kenneth S. Rogoff, Harvard University economists and financial crisis historians whose work has been attacked and embraced by the political right and left.