Would you believe, growing income equality?
Two years ago, Alan Reynolds’s book Income and Wealth poked a million holes in the argument that the gap between millionaires and everyone else was growing in an unprecedented and deeply distressing...
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“The flow of capital away from the U.S. is broad, deep and long-term. Investors can buy 20-year debt denominated in Brazilian reals or Chinese yuan, a monumental shift in the allocation of long-term...
View ArticleMalpass foresight beats Bernanke hindsight
Fed chairman Ben Bernanke over the weekend gave a big speech at the American Economic Association annual meeting in Atlanta. He defended his and and Alan Greenspan’s unprecedented easy money through...
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“I have only one project, one big idea: uncertainty. It crosses many different disciplines — math, political science, psychology, risk management — and I swing in between those, but it is always on...
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“The defenders of modern macroeconomics argue that if we just study the economy long enough, we’ll soon be able to model it accurately and design better policy. Soon. That reminds me of the permanent...
View ArticleRajan v. Krugman
Raghu Rajan’s Fault Lines is perhaps the most thoughtful book on the financial crisis, and now Professor Rajan is continuing his incisive analysis at a U. Chicago blog. Here, he defends his own...
View ArticleJohn Cochrane’s “Unpleasant Fiscal Arithmetic”
Can economic growth stop the coming fiscal inflation? See my new Forbes column on the puzzling economic outlook and a new way to think about monetary policy . . . .
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The Growth Effect on Jobs
Is the persistently high unemployment rate a secular, rather than cyclical, occurrence? Is it, in other words, a basic shift in the labor market that will leave us with semi-permanently higher...
View ArticleRegulatory Complexity Gone Wild
The complexities of the Affordable Care Act (aka Obamacare) are multiple, metastasizing, and increasingly well-known. Less known is an additional layer of health care regulation slated for...
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