The Great Stagnation Archives - Tyler CowenIf you wish, think of it as a "Kindle single. Very little of the content has already appeared on MR. Many of you have read my article "The Inequality that Matters," but there I hardly touched on median income growth. That is because I was writing this eBook. If so, why? Are the causes political or something deeper? What are the important biases in how we are measuring national income and productivity and why do they matter for economic policy?
The Great Stagnation - Matthew Yglesias & Tyler Cowen
Is the Great Stagnation Real?
Cowen argues that in the last four decades, the growth in prosperity for the average family has slowed dramatically in the United States relative to earlier decades and time periods. Cowen argues that this is the result of a natural slowing in innovation and that we expect too much growth relative to what is possible. Cowen expects improvements in the rate of growth in the future when new areas of research yield high returns. The conversation includes a discussion of the implications of Cowen's thesis for politics and public policy. For the toilet of the future look to Japan.
In many ways yes, but there is still room for hope and even celebration.
If so, why? Are the causes political or something deeper? What are the important biases in how we are measuring national income and productivity and why do they matter for economic policy? Are we getting enough value for all the extra money we are spending on the health care and education sectors? What do some major right-wing and left-wing thinkers miss about this phenomenon?