The New Old Economy

Bill Martin

Economics Policy Note Archive from Levy Economics Institute

Abstract: Consensus opinion sees the U.S. economy growing by around 3 percent per year over the next few years, a high enough rate to keep unemployment low and outpace Europe. One problem with the consensus view is that it pays little heed to the very unusual nature of the American expansion. A minor downturn prompted by a bit of inflation and higher interest rates is one thing, and easily fixed by conventional means. But America's boom was unique and so, alas, will be its bust.

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