Listen now | Noah Smith & Brad DeLong's 30:00 < [Length of Weekly Podcast] < 60:00: Key Insights: 1. I do not understand how the Chinese economy works. 2. Party has enormous reach and control, but somehow that has not triggered the “soft budget constraint” problems. 3. Financial constraints are not real. 4. Real resource constraints are real. 5. You can hide for a while from real resource constraints by bubble-overvaluing the low-value infrastructure and real-estate investments that you are making, but you cannot run. 6. There is lots to read that is good. 7. HEXAPODIA!!
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