Policy Note 2001/7 | July 2001

The New Old Economy

Consensus opinion sees the United States' economy growing by around 3 percent per year over the next few years, a high enough rate to keep unemployment low and outpace Europe. One problem with the consensus view is that it pays little heed to the very unusual nature of the American expansion. A minor downturn prompted by a bit of inflation and higher interest rates is one thing, and easily fixed by conventional means. But America's boom was unique and so, alas, will be its bust.

Associated Program:
Bill Martin

Publication Highlight

Statement of Senior Scholar L. Randall Wray to the House Budget Committee, US House of Representatives
Reexamining the Economic Costs of Debt
Author(s): L. Randall Wray, Yeva Nersisyan
November 2019

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