Pajamas Media » If the Economy Is So Bad, Why Isn’t It Worse?
Given the high price of oil, the collapse of the dollar, and the credit crunch, one might have expected America to be mired in a deep recession. But it’s not.
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Many intelligent people have proposed explanations for why the economy might have become steadier. In a 2004 speech, Ben Bernanke classified all the hypotheses that had been proposed as falling into three camps. Some economists believed the moderation could be attributed to technological advances; some to improved public policy, particularly monetary policy; and some to simple good luck.
I vote “technology,” but you may think otherwise.
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