The End of Normal
One Growth Now and Forever
To begin to understand why the Great Financial Crisis broke over an astonished world, one needs to venture into the mentality of the guardians of expectation—the leadership of the academic economics profession—in the years before the crisis. Most of today’s leading economists received their formation from the late 1960s through the 1980s. But theirs is a mentality that goes back further: to the dawn of the postwar era and the Cold War in the United States,...