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Economists Got the Decade All Wrong. They’re Trying to Figure Out Why.
Keywords: U.S. Economy, Britain Economy,
Greg Ip, chief economic commentator of the WSJ says economists like Summers with his theory of secular stagnation, and Kenneth Rogoff with his theory of the debt hangover from the 2009 financial crisis, have missed the true story of the last ten years with consistent growth, low inflation and lower unemployment than thought possible. Unemployment at 3.5% shows that the natural rate of unemployment is much lower that the 5% thought by economists and economic theory, and unused capacity in the economy that is being tapped for growth.
It also shows the limitations of economics and economic theory. The need always for fresh thinking and a bolder idea of what is possible. The potential for economic growth by unleashing each country's best human and technological potential in the face of obstacles.
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