No time to organize thoughts, so here are a few synaptic firings. –I was disappointed by the outcome but not surprised. As I’ve written, this was in no small part a referendum on immigration, and the timing of the vote interacted with rising anger about this and other impacts of globalization. –The structure of the EU–a common… Read more
Consider: –The economist Greg Mankiw had an essay in the NYT last week on five theories as to why growth has been so sluggish for so long (Greg’s focus was on the US, but it could have applied to Europe as well). Mankiw, a Harvard professor and writer of widely used textbooks, has long been… Read more
Some attendees asked for my slides so here they are. A few explanations for those who weren’t there. NIWG=non-inflationary wage growth, which I argued equals the the three factors you see there. What I’m calling “Bivens x” is Josh Bivens estimate that at current or even somewhat faster wage growth rates it would take a… Read more
There are lots of nuanced dynamics afoot in the political economy right now. I try to understand a few of them in today’s WaPo.
Paraphrasing Mark Twain’s famous comment about the weather, everybody complains about productivity growth but nobody does anything about it. As OTEers are learning, for better or worse, I’ve been obsessed with the problem of slow productivity growth. It poses a fundamental constraint on the growth of living standards both here and in many other economies… Read more