Loyal readers will recognize the expression "Great Stagnation," which I coined all on my own, and have been using for quite some time to describe what economists routinely call the "Great Moderation."
I don't read Tyler Cowan - though I recognize his name from being mentioned frequently at MB. Cowan, professor of economics at George Mason University is a Hayek-style libertarian, free-market ideologue. I have absolutely no reason to believe Cowan reads me, and would be astounded if he has any awareness of me at all.
But Cowan has now released an e-book (or, at 15,000 words, perhaps an e-pamphlet) titled - of all things - THE GREAT STAGNATION - How America Ate All The Low-Hanging Fruit of Modern History, Got Sick, and Will (Eventually) Feel Better.
The subtitle offers a broad hint about how Cowan's view differs from mine - primarily about causes, and secondarily about expectations, I don't see how we can ever get better without another New Deal.
We have greatly different - probably even starkly incompatible - world views, but the same conclusion about the current state, though for totally different reasons.
What the Hell?!? I want my pejorative terminology back!
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LAT Mon. 6/4 Jeff Chen
9 hours ago
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