Robert Samuelson has a few good words for full employment, coming off of our event a few weeks ago. He makes some useful points: –not only is full employment an important goal, but it’s a bipartisan one, or at least it should be; –no one really knows with any precision what the “natural rate” of… Read more
Over at the WaPo. And I got more words to fool around with than usual! I tried, you’ll let me know how successfully, to bring some nuance to the argument, as the point is decidedly not “look, we’ve done all this great policy and the US recovery is stellar!” It’s that contrary to what I… Read more
Over at PostEverything. Bonus for OTE’ers: here’s an update of a figure I made awhile ago tracking Eurozone GDP, government spending (both in real terms), and unemployment. What I find revealing here is the fairly clear–for this sort of thing–initial increase in public spending to offset the downturn and the subsequent stabilization of GDP and… Read more
…crappy poll numbers. Over at PostEverything. Really, this is just genuinely upsetting. It’s one thing to run the numbers but quite another to think about all the unnecessary pain this has caused. You just can never underestimate the destructive power of bad ideas.
Not hard to do–and nothing against either of those big brains–but I’m confuzzled by this post from Brad. The question–or at least one of the questions–is a) whether there’s hysteresis in play and b) whether reverse hysteresis can be invoked to repair some of the damage. I’m too rushed to go into explanations of terms… Read more