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We propose a theory of gradualism in the implementation of good
policies, suitable for environments featuring time consistency. We
downplay the role of the initial period by allowing agents both to
wait for future agents to start equilibrium play and to restart the
equilibrium by ignoring past history. The allocation gradually transits
towards one that weighs both short- and long-term concerns,
stopping short of the Ramsey outcome but greatly improving upon
Markovian equilibria. We use the theory to account for the slow
emergence of both climate policies and the reduction of global tariff
rates.
