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To what extent can a small open economy such as Ireland control its own economic destiny? Was the rise and fall of the Celtic Tiger due to good followed by bad luck, or was it due to good and bad decisions? Can standard textbook Macroeconomics help understand the remarkable economic fluctuations of the Irish economy?
We review basic macroeconomic theory from principles textbooks, examine Irish economic history, assess past policy decision and future policy options in this time of economic turmoil.
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