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So, I find this article very strange. The author seems quite intelligent, yet he has avoided learning much of anything about macroeconomic history. Is he real
by earl 16y ago
So, I find this article very strange. The author seems quite intelligent, yet he has avoided learning much of anything about macroeconomic history. Is he really so naive to think that economists haven't noticed and thought about this phenomena?
He could start with two simple things: first, America left WWII with essentially the rest of the industrialized world flattened. It took everyone else a while to rebuild, but they eventually did. The prosperity of America post WWII is a historical outlier hopefully never to be repeated.
Second, America for a long time had policies that grew the middle class. Without starting a political pissing match, it's pretty clear that either those policies or their effect is gone. Wealth accruing at a disproportional rate to particular sectors of society isn't just happenstance or the "right" outcome in some moral scheme, but rather the outcome of specific government policy.
If the author wants to understand these things, he could start by reading Brad DeLong's blog and / or asking him for book recommendations.