The Great Stagnation

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The Great Stagnation

Tyler Cowen
The Great Stagnation Book PDF

Author : Tyler Cowen
Publisher : Penguin
Page : 71 pages
File Size : 46,9 Mb
Release : 2011-01-25
Category : Business & Economics
ISBN : 9781101502259

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The Great Stagnation by Tyler Cowen Pdf

Tyler Cowen’s controversial New York Times bestseller—the book heard round the world that ignited a firestorm of debate and redefined the nature of America’s economic malaise. America has been through the biggest financial crisis since the great Depression, unemployment numbers are frightening, media wages have been flat since the 1970s, and it is common to expect that things will get worse before they get better. Certainly, the multidecade stagnation is not yet over. How will we get out of this mess? One political party tries to increase government spending even when we have no good plan for paying for ballooning programs like Medicare and Social Security. The other party seems to think tax cuts will raise revenue and has a record of creating bigger fiscal disasters that the first. Where does this madness come from? As Cowen argues, our economy has enjoyed low-hanging fruit since the seventeenth century: free land, immigrant labor, and powerful new technologies. But during the last forty years, the low-hanging fruit started disappearing, and we started pretending it was still there. We have failed to recognize that we are at a technological plateau. The fruit trees are barer than we want to believe. That's it. That is what has gone wrong and that is why our politics is crazy. In The Great Stagnation, Cowen reveals the underlying causes of our past prosperity and how we will generate it again. This is a passionate call for a new respect of scientific innovations that benefit not only the powerful elites, but humanity as a whole.

The Great Stagnation

Tyler Cowen
The Great Stagnation Book PDF

Author : Tyler Cowen
Publisher : Dutton Books
Page : 0 pages
File Size : 40,7 Mb
Release : 2011
Category : Economics
ISBN : 0525952713

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The Great Stagnation by Tyler Cowen Pdf

Tyler Cowen's The Great Stagnation, the eSpecial heard round the world that ignited a firestorm of debate and redefined the nature of our economic malaise, is now-at last-a book. America has been through the biggest financial crisis since the great Depression, unemployment numbers are frightening, media wages have been flat since the 1970s, and it is common to expect that things will get worse before they get better. Certainly, the multidecade stagnation is not yet over. How will we get out of this mess? One political party tries to increase government spending even when we have no good plan for paying for ballooning programs like Medicare and Social Security. The other party seems to think tax cuts will raise revenue and has a record of creating bigger fiscal disasters that the first. Where does this madness come from? As Cowen argues, our economy has enjoyed low-hanging fruit since the seventeenth century: free land, immigrant labor, and powerful new technologies. But during the last forty years, the low-hanging fruit started disappearing, and we started pretending it was still there. We have failed to recognize that we are at a technological plateau. The fruit trees are barer than we want to believe. That's it. That is what has gone wrong and that is why our politics is crazy. Cowen reveals the underlying causes of our past prosperity and how we will generate it again. This is a passionate call for a new respect of scientific innovations that benefit not only the powerful elites, but humanity as a whole.

Average Is Over

Tyler Cowen
Average Is Over Book PDF

Author : Tyler Cowen
Publisher : Penguin
Page : 304 pages
File Size : 44,8 Mb
Release : 2013-09-12
Category : Business & Economics
ISBN : 9780698138162

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Average Is Over by Tyler Cowen Pdf

Renowned economist and author of Big Business Tyler Cowen brings a groundbreaking analysis of capitalism, the job market, and the growing gap between the one percent and minimum wage workers in this follow-up to the New York Times bestseller The Great Stagnation. The United States continues to mint more millionaires and billionaires than any country ever. Yet, since the great recession, three quarters of the jobs created here pay only marginally more than minimum wage. Why is there growth only at the top and the bottom? Economist and bestselling author Tyler Cowen explains that high earners are taking ever more advantage of machine intelligence and achieving ever-better results. Meanwhile, nearly every business sector relies less and less on manual labor, and that means a steady, secure life somewhere in the middle—average—is over. In Average is Over, Cowen lays out how the new economy works and identifies what workers and entrepreneurs young and old must do to thrive in this radically new economic landscape.

Japan's Great Stagnation and Abenomics

Masazumi Wakatabe
Japan s Great Stagnation and Abenomics Book PDF

Author : Masazumi Wakatabe
Publisher : Springer
Page : 209 pages
File Size : 55,8 Mb
Release : 2015-04-23
Category : Business & Economics
ISBN : 9781137438850

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Japan's Great Stagnation and Abenomics by Masazumi Wakatabe Pdf

As the global Great Recession continues, policymakers, economists, and the public are turning to Japenses economic revitalization for answers. Paul Krugman, Nobel laureate in Economics, once said that Japan was a "full-dress rehearsal for the current crisis." Japan has experienced and valiantly overcome the burst of their Bubble economy, financial crisis, lukewarm recovery, and more than a decade-long deflation and stagnation to become one of the most stable economies today. Japan's Great Stagnation and Abenomics reveals the striking similarities of economic events and policies between the Great Stagnation and the current Great Recession. It also suggests possible dangers ahead and way-outs in the future. This exciting new volume is based on Wakatabe's expertise in economic history and the history of economic ideas and argues that any policy decision is related to cultural ideology. An investigation into the relationship between cultural ideology and policy helps us better understand the policy-making process.

Japan's Great Stagnation

Michael M. Hutchison,Frank Westermann
Japan s Great Stagnation Book PDF

Author : Michael M. Hutchison,Frank Westermann
Publisher : MIT Press
Page : 287 pages
File Size : 40,7 Mb
Release : 2006
Category : Business & Economics
ISBN : 9780262083478

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Japan's Great Stagnation by Michael M. Hutchison,Frank Westermann Pdf

Experts on the Japanese economy examine Japan's prolonged period of economic underperformance, analyzing the ways in which the financial system, monetary policy, and international financial factors contributed to its onset and duration. After experiencing spectacular economic growth and industrial development for much of the postwar era, Japan plunged abruptly into recession in the early 1990s and since then has suffered a prolonged period of economic stagnation, from which it is only now emerging. Japan's malaise, marked by recession or weak economic activity, commodity and asset price deflation, banking failures, increased bankruptcies, and rising unemployment, has been the most sustained economic downturn seen in the industrial world since the 1930s. In Japan's Great Stagnation, experts on the Japanese economy consider key questions about the causes and effects of Japan's prolonged period of economic underperformance and what other advanced economies might learn from Japan's experience. They focus on aspects of the financial and banking system that have contributed to economic stagnation, the role of monetary policy, and the importance of international financial factors--in particular, the exchange rate and the balance of payments. Among the topics discussed are bank fragility and the inaccuracy of measuring it by the "Japan premium," the consequences of weak banking regulation, the controversial policy of "quantitative easing," and the effectiveness of currency devaluation for fighting deflation. Taken together, the contributions demonstrate the importance of a sound financial sector in fostering robust growth and healthy economies--and the enormous economic costs of a dysfunctional financial system. Contributors Yoichi Arai, Robert Dekle, Zekeriya Eser, Eiji Fujii, Kimie Harada, Takeo Hoshi, Michael M. Hutchison, Takatoshi Ito, Ken Kletzer, Nikolas Müller-Plantenberg, Kunio Okina, Joe Peek, Eric S. Rosengren, Shigenori Shiratsuka, Mark M. Spiegel, Frank Westermann, Nobuyoshi Yamori

Japan's Great Stagnation

W. R. Garside
Japan s Great Stagnation Book PDF

Author : W. R. Garside
Publisher : Edward Elgar Publishing
Page : 229 pages
File Size : 51,5 Mb
Release : 2012-01-01
Category : Business & Economics
ISBN : 9780857938220

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Japan's Great Stagnation by W. R. Garside Pdf

'Recent events have rendered Japan's lost decades all the more relevant to the rest of us. Rick Garside, in this wide-ranging and accessible account, explores the political economy of Japan's great stagnation with an eye toward describing how other advanced economies can avoid going down the same path.' – Barry Eichengreen, University of California, Berkeley, US 'Professor Garside's timely book transcends the national preoccupation suggested by its title. From one viewpoint this is a case study (admittedly on a grand scale) of the experience of one country in one historical period. But in analyzing the dynamic relationship between Japan's post-war economic miracle and its chronic stagnation from the 1990's he offers a penetrating insight into the links between profound and embedded institutional and ideological influences, global upheaval, and almost disastrous national economic performance. Hence, Japan's Great Stagnation – the unfolding story of that country's declining experience from masterful economic power to seeming economic paralysis – provides us with an all-too familiar scenario with which to approach the contemporaneous ills of the world's developed economies. The interaction between banking crises, unwieldy institutions (especially, but not only, financial institutions), policy frailties, and stagnating demand – all conspired to create crisis and then handicap or prevent recovery. And the familiarity of the story is aggravated by the global financial crisis which now threatens to engulf us. History never fully repeats itself, but Professor Garside's illuminating examination of Japan's recent experiences must surely provide important points of relevance for the world's current malaise. He is to be congratulated on the depth and scope of what he has achieved – and for its relevance to what we are experiencing.' – Barry Supple, University of Cambridge, UK This timely book presents a critical examination of the developmental premises of Japan's high-growth success and its subsequent drift into recession, stagnation and piecemeal reform. The country, which within a few decades of wartime defeat mounted a serious challenge to American hegemony, appeared incapable of fully adjusting to shifting economic circumstance once the impulses of catch-up growth and the good fortune of an accommodating international environment faded. The banking crises, spiralling government debt, and stagnant growth experienced by major industrialized nations in recent years have evoked renewed interest in Japan's economic denouement since the 1990s. To many, Japan's drift into recession and financial crisis during the early 1990s, and later into stagnation and prolonged deflation, demonstrated precisely what not to do when fashioning remedial policy. This book details the legacies of Japan's high-growth success and how they affected Japan's capacity to cope with shifting national and international circumstance from the 1980s. It reviews the contentious debates over the causes and consequences of the 'bubble economy' and the 'lost decade', and assesses the extent to which reforms since 1997 have been compromised by lingering attachments to Japan's distinctive post-war political economy. Providing an analytical overview of both the high growth and recessionary periods and of subsequent reform agendas, this timely book will appeal to students, academics and researchers of economic history, development and politics, particularly those with an interest in Japan and Asian studies more generally.

The Complacent Class

Tyler Cowen
The Complacent Class Book PDF

Author : Tyler Cowen
Publisher : St. Martin's Press
Page : 272 pages
File Size : 53,6 Mb
Release : 2017-02-28
Category : Business & Economics
ISBN : 9781250108708

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The Complacent Class by Tyler Cowen Pdf

A Wall Street Journal and Washington Post Bestseller "Tyler Cowen's blog, Marginal Revolution, is the first thing I read every morning. And his brilliant new book, The Complacent Class, has been on my nightstand after I devoured it in one sitting. I am at round-the-clock Cowen saturation right now."--Malcolm Gladwell Since Alexis de Tocqueville, restlessness has been accepted as a signature American trait. Our willingness to move, take risks, and adapt to change have produced a dynamic economy and a tradition of innovation from Ben Franklin to Steve Jobs. The problem, according to legendary blogger, economist and best selling author Tyler Cowen, is that Americans today have broken from this tradition—we’re working harder than ever to avoid change. We're moving residences less, marrying people more like ourselves and choosing our music and our mates based on algorithms that wall us off from anything that might be too new or too different. Match.com matches us in love. Spotify and Pandora match us in music. Facebook matches us to just about everything else. Of course, this “matching culture” brings tremendous positives: music we like, partners who make us happy, neighbors who want the same things. We’re more comfortable. But, according to Cowen, there are significant collateral downsides attending this comfort, among them heightened inequality and segregation and decreased incentives to innovate and create. The Complacent Class argues that this cannot go on forever. We are postponing change, due to our near-sightedness and extreme desire for comfort, but ultimately this will make change, when it comes, harder. The forces unleashed by the Great Stagnation will eventually lead to a major fiscal and budgetary crisis: impossibly expensive rentals for our most attractive cities, worsening of residential segregation, and a decline in our work ethic. The only way to avoid this difficult future is for Americans to force themselves out of their comfortable slumber—to embrace their restless tradition again.

Fully Grown

Dietrich Vollrath
Fully Grown Book PDF

Author : Dietrich Vollrath
Publisher : University of Chicago Press
Page : 273 pages
File Size : 52,5 Mb
Release : 2022-06-24
Category : Business & Economics
ISBN : 9780226820040

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Fully Grown by Dietrich Vollrath Pdf

Vollrath challenges our long-held assumption that growth is the best indicator of an economy’s health. Most economists would agree that a thriving economy is synonymous with GDP growth. The more we produce and consume, the higher our living standard and the more resources available to the public. This means that our current era, in which growth has slowed substantially from its postwar highs, has raised alarm bells. But should it? Is growth actually the best way to measure economic success—and does our slowdown indicate economic problems? The counterintuitive answer Dietrich Vollrath offers is: No. Looking at the same facts as other economists, he offers a radically different interpretation. Rather than a sign of economic failure, he argues, our current slowdown is, in fact, a sign of our widespread economic success. Our powerful economy has already supplied so much of the necessary stuff of modern life, brought us so much comfort, security, and luxury, that we have turned to new forms of production and consumption that increase our well-being but do not contribute to growth in GDP. In Fully Grown, Vollrath offers a powerful case to support that argument. He explores a number of important trends in the US economy: including a decrease in the number of workers relative to the population, a shift from a goods-driven economy to a services-driven one, and a decline in geographic mobility. In each case, he shows how their economic effects could be read as a sign of success, even though they each act as a brake of GDP growth. He also reveals what growth measurement can and cannot tell us—which factors are rightly correlated with economic success, which tell us nothing about significant changes in the economy, and which fall into a conspicuously gray area. Sure to be controversial, Fully Grown will reset the terms of economic debate and help us think anew about what a successful economy looks like.

After the Great Recession

Barry Z. Cynamon,Steven Fazzari,Mark Setterfield
After the Great Recession Book PDF

Author : Barry Z. Cynamon,Steven Fazzari,Mark Setterfield
Publisher : Cambridge University Press
Page : 359 pages
File Size : 46,6 Mb
Release : 2013
Category : Business & Economics
ISBN : 9781107015890

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After the Great Recession by Barry Z. Cynamon,Steven Fazzari,Mark Setterfield Pdf

A collection of essays about the US Great Recession of 2007 to 2009 and the subsequent stagnation from prominent scholars.

The Rise and Fall of American Growth

Robert J. Gordon
The Rise and Fall of American Growth Book PDF

Author : Robert J. Gordon
Publisher : Princeton University Press
Page : 785 pages
File Size : 55,9 Mb
Release : 2017-08-29
Category : Business & Economics
ISBN : 9781400888955

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The Rise and Fall of American Growth by Robert J. Gordon Pdf

How America's high standard of living came to be and why future growth is under threat In the century after the Civil War, an economic revolution improved the American standard of living in ways previously unimaginable. Electric lighting, indoor plumbing, motor vehicles, air travel, and television transformed households and workplaces. But has that era of unprecedented growth come to an end? Weaving together a vivid narrative, historical anecdotes, and economic analysis, The Rise and Fall of American Growth challenges the view that economic growth will continue unabated, and demonstrates that the life-altering scale of innovations between 1870 and 1970 cannot be repeated. Gordon contends that the nation's productivity growth will be further held back by the headwinds of rising inequality, stagnating education, an aging population, and the rising debt of college students and the federal government, and that we must find new solutions. A critical voice in the most pressing debates of our time, The Rise and Fall of American Growth is at once a tribute to a century of radical change and a harbinger of tougher times to come.

From Financial Crisis to Stagnation

Thomas I. Palley
From Financial Crisis to Stagnation Book PDF

Author : Thomas I. Palley
Publisher : Cambridge University Press
Page : 258 pages
File Size : 40,6 Mb
Release : 2013-02-11
Category : Business & Economics
ISBN : 9781107612464

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From Financial Crisis to Stagnation by Thomas I. Palley Pdf

This book offers a novel explanation of the financial crisis and Great Recession that emphasizes the destruction of shared prosperity over the past thirty years. This contrasts with "black swan" styled explanations that emphasize unexpected financial shocks and speculation. The book explains why the economy is now confronted with stagnation rather than the quick recovery predicted by other accounts.

The Age of the Infovore

Tyler Cowen
The Age of the Infovore Book PDF

Author : Tyler Cowen
Publisher : Penguin
Page : 174 pages
File Size : 52,7 Mb
Release : 2010-06-29
Category : Business & Economics
ISBN : 9781101432990

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The Age of the Infovore by Tyler Cowen Pdf

Previously published as Create Your Own Economy "Will change the way you think about thinking."—Daniel H. Pink, author of A Whole New Mind Renowned behavioral economist and commentator Tyler Cowen shows that our supernetworked world is changing the way we think—and empowering us to thrive in any economic climate. Whether it is micro-blogging on Twitter or buying single songs at iTunes, we can now customize our lives to shape our own specific needs. In other words, we can create our own economy—and live smarter, happier, fuller lives. At a time when apocalyptic thinking has become all too common, Cowen offers a much-needed Information Age manifesto that will resonate with readers of Dan Ariely's Predictably Irrational, Steven Johnson's Everything Bad is Good for You, and everyone hungry to understand our potential to withstand, and even thrive, in any economic climate.

The Great Leveler

Brett Christophers
The Great Leveler Book PDF

Author : Brett Christophers
Publisher : Harvard University Press
Page : 356 pages
File Size : 48,8 Mb
Release : 2016-01-04
Category : Business & Economics
ISBN : 9780674495630

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The Great Leveler by Brett Christophers Pdf

Brett Christophers shows how laws help capitalism maintain a crucial balance between competition and monopoly. When monopolistic forces dominate, antitrust law discourages the growth of corporations and restores competitiveness. When competition becomes dominant, intellectual property law protects corporate assets and encourages investment.

Shut Out

Kevin Erdmann
Shut Out Book PDF

Author : Kevin Erdmann
Publisher : Rowman & Littlefield
Page : 328 pages
File Size : 52,9 Mb
Release : 2019-01-21
Category : Political Science
ISBN : 9781538122150

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Shut Out by Kevin Erdmann Pdf

Shut Out provides a much-needed correction to the causes and consequences of financial crises and secular stagnation.

Human Frontiers

Michael Bhaskar
Human Frontiers Book PDF

Author : Michael Bhaskar
Publisher : MIT Press
Page : 433 pages
File Size : 42,6 Mb
Release : 2022-08-02
Category : History
ISBN : 9780262545105

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Human Frontiers by Michael Bhaskar Pdf

Why has the flow of big, world-changing ideas slowed down? A provocative look at what happens next at the frontiers of human knowledge. The history of humanity is the history of big ideas that expand our frontiers—from the wheel to space flight, cave painting to the massively multiplayer game, monotheistic religion to quantum theory. And yet for the past few decades, apart from a rush of new gadgets and the explosion of digital technology, world-changing ideas have been harder to come by. Since the 1970s, big ideas have happened incrementally—recycled, focused in narrow bands of innovation. In this provocative book, Michael Bhaskar looks at why the flow of big, world-changing ideas has slowed, and what this means for the future. Bhaskar argues that the challenge at the frontiers of knowledge has arisen not because we are unimaginative and bad at realizing big ideas but because we have already pushed so far. If we compare the world of our great-great-great-grandparents to ours today, we can see how a series of transformative ideas revolutionized almost everything in just a century and a half. But recently, because of short-termism, risk aversion, and fractious decision making, we have built a cautious, unimaginative world. Bhaskar shows how we can start to expand the frontier again by thinking big—embarking on the next Universal Declaration of Human Rights or Apollo mission—and embracing change.