With the Presidential debate finished, we are officially in the final lap of America’s second-favorite spectator sport. (Yes, football is better than politics.) Of all the talking that Barack Obama and Mitt Romney will do by Nov. 6, you can bet that a great deal of their breath will be expended on economic matters. Because that’s what the President of the United States does, right — runs our economy?
That, of course, won’t stop the candidates from talking about their plans to “fix” or “heal” or “restore” our economy — all of which imply that we are in an economic doldrums that is sure to pass. But what if it doesn’t? What if the massive economic growth the U.S. has experienced through most of our history is a thing of the past?
That’s the good question posed by the always-thoughtful David Warsh, proprietor of Economic Principals. Here is his lead: How peculiar is it that the leading introductory economics texts scarcely mention the cycles of manias, panics, and crashes that have been a familiar feature of global capitalism since its emergence in the 17th century? No propensity […] Read More »