The Persistence of Manufacturing in Deindustrialized America ,Harvard Economics Review, August 2016
Harvard Economics Review, August 2016 Over the past three decades, the American manufacturing has been characterized by a marked decline in employment rates. We hear much about deindustrialization and the outsourcing of production leading to an almost wholesale relocation of American labor-intensive industries to lower-wage areas in the developing world. By the end of 2012, the sector had lost approximately 8 million jobs since its 1979 peak, leaving manufacturing in a series of deep crisis […]
Why is the U.S. economy not growing fast enough?
Compared to the robust growth rates of the boom decades in the years from the end of World War II until 1973, the U.S. economy has witnessed a stubborn stagnation. At the core of this stagnation lies a slowdown in the rates of productivity, which is the beating pulse of a dynamic economy and an output per hour of growth by workers in a country. Productivity is the stepping-stone to a great economic leap forward, it’s where Adam […]
What is Good for Banks is not Good for the Economy, Harvard Economics Review, October 2015.
Economists and analysts of the 2007-2009 financial meltdown usually take the domestic housing and securities markets as the point of departure in their prognoses of the crisis. While refusing to look beyond the apparent roots of the malaise, they continue to begrudge the decline in housing prices as the bedrock of the financial crunch. And, that, of course, makes perfect sense. With a housing bubble bursting by the end of 2006 that forced the prices […]