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Results for tag:by J. Bradford DeLong

21 results

Missing the Economic Big Picture

Published 30.11.2016
BERKELEY – I recently heard former World Trade Organization Director-General Pascal Lamy paraphrasing a classic Buddhist proverb, wherein China’s Sixth Buddhist Patriarch Huineng tells the nun Wu Jincang: “When the philosopher points at the...

Which Thinkers Will Define Our Future?

Published 29.06.2016
BERKELEY – Several years ago, it occurred to me that social scientists today are all standing on the shoulders of giants like Niccolo Machiavelli, John Locke, Adam Smith, Alexis de Tocqueville, Max Weber, and Émile Durkheim. One thing they all...

Piketty vs. Piketty

Published 30.12.2015
BERKELEY – In Capital in the Twenty-First Century , the French economist Thomas Piketty highlights the striking contrasts in North America and Europe between the Gilded Age that preceded World War I and the decades following World War II. In the...

The Tragedy of Ben Bernanke

Published 30.10.2015
BERKELEY – It is difficult to read former US Federal Reserve Chair Ben Bernanke’s new memoir, The Courage to Act, as anything other than a tragedy. It is the story of a man who may have been the best-prepared person in the world for the job he...

An Even More Dismal Science

Published 01.05.2015
"optimism is out of fashion." BERKELEY – For the past 25 years, a debate has raged among some of the world’s leading economists. At issue has been whether the nature of the business cycle underwent a fundamental change after the end of the “30...

Inequality and the Internet

Published 26.11.2014
BERKELEY – The conclusion that America has become vastly more unequal over the past 35 years is beyond doubt. Since 1979, the pattern has been clear: The richer you were, the far richer you have become. And if you were poor, you probably stayed...

American Wellbeing Since 1979

Published 29.10.2014
BERKELEY – The story goes like this: Since 1979 – the peak of the last business cycle before the inauguration of Ronald Reagan as President – economic growth in the United States has been overwhelmingly a rich-only phenomenon. Real...

The Rise of the Robots

Published 06.10.2014
BERKELEY – For decades, people have been predicting how the rise of advanced computing and robotic technologies will affect our lives. On one side, there are warnings that robots will displace humans in the economy, destroying livelihoods,...

The World’s Central Banker

Published 01.07.2014
BERKELEY – The US Federal Reserve these days is broadly happy with its monetary policy. But, since mid-2007, its policy has been insufficiently expansionary. The policy most likely to succeed right now would be analogous to that implemented by...

The Right’s Piketty Problem

Published 30.04.2014
BERKELEY – In the online journal The Baffler, Kathleen Geier recently attempted a roundup of conservative criticism of Thomas Piketty’s new book Capital in the Twenty-First Century . The astonishing thing to me is how weak the right’s appraisal...

Revisiting the Fed’s Crisis

Published 01.03.2014
BERKELEY – Reading through the just-released transcripts of the US Federal Reserve’s Federal Open Market Committee meetings in 2008, I found myself asking the same overarching question: What accounted for the FOMC’s blinkered mindset as crisis...

Is America Turning Japanese?

Published 30.01.2014
BERKELEY – Back in the late 1980’s, Japan seemingly could do no wrong in economists’ eyes. They saw a clear edge in Japan’s competitiveness relative to the North Atlantic across a broad range of high-tech precision and mass-production industries...

The Strange Case of American Inequality

Published 02.01.2014
BERKELEY – Unless something goes unexpectedly wrong in 2014, the level of real per capita GDP in the United States will match and exceed its 2007 level. That is not good news. To see why, consider that, during the two business cycles that...

The Long Short Run

Published 01.12.2013
BERKELEY – Before 2008, I taught my students that the United States was a flexible economy. It had employers who were willing to gamble and hire when they saw unemployed workers who would be productive; and it had workers who were willing to...

Whose Central Bank?

Published 31.08.2013
BERKELEY – Broadly speaking, for at least 115 years (and possibly longer) – that is, at least since the publication of the Swedish economist Knut Wicksell’s Geldzins und Güterpreis (Interest and Prices) in 1898 – economists have split into two...