Future Economists Will Probably Call This Decade the 'Longest Depression'
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Re: Future Economists Will Probably Call This Decade the 'Longest Depression'
#2We already have a "Long Depression":
https://en.wikipedia.org/wiki/Long_Depression
There are some interesting parallels to the current time - that was the era of the robber barons, for instance.
Re: Future Economists Will Probably Call This Decade the 'Longest Depression'
#3In the course of selling his New Deal to the impoverished American public, president Franklin Delano Roosevelt pitched his reforms by stating: "It is common sense to take a method and try it. If it fails, admit it frankly and try another, but above all try something. The millions who are in want will not stand by silently forever while the things to satisfy their needs are within easy reach."
The most frustrating part of this "longest depression" is that in our hyperconnected age, there more ideas than ever to at least try, from guaranteed income to subsidized apprenticeships, yet our elected representatives spend at least half of their time asking for money to run in their next election, and nothing at all gets done. For at least the United States, any substantial economic reform will require a corresponding reconstruction of how our representatives campaign and are elected and held responsible to the needs of their constituents, lest the economic engine be left to muster no more than a tired sputter.
Re: Future Economists Will Probably Call This Decade the 'Longest Depression'
#4In the course of selling his New Deal to the impoverished American public, president Franklin Delano Roosevelt pitched his reforms by stating: "It is common sense to take a method and try it. If it fails, admit it frankly and try another, but above all try something. The millions who are in want will not stand by silently forever while the things to satisfy their needs are within easy reach." The most frustrating par…
fdr had the real threat of revolution to help move things along. we aren't there yet.
Re: Future Economists Will Probably Call This Decade the 'Longest Depression'
#5In the course of selling his New Deal to the impoverished American public, president Franklin Delano Roosevelt pitched his reforms by stating: "It is common sense to take a method and try it. If it fails, admit it frankly and try another, but above all try something. The millions who are in want will not stand by silently forever while the things to satisfy their needs are within easy reach." The most frustrating par…
Ironically, it could be this very abundance of ideas which is so paralyzing. The more choices you have, the harder it is to choose.
That being said, I agree that this problem has its roots in corrupt politics.
Re: Future Economists Will Probably Call This Decade the 'Longest Depression'
#6In the course of selling his New Deal to the impoverished American public, president Franklin Delano Roosevelt pitched his reforms by stating: "It is common sense to take a method and try it. If it fails, admit it frankly and try another, but above all try something. The millions who are in want will not stand by silently forever while the things to satisfy their needs are within easy reach." The most frustrating par…
Shouldn't the federal government's legislative reforms move at a snail's pace? I agree that the ideas you've mentioned are worth exploring, but what makes you think that they'll try the good ideas?
Also, why not start at the state or local level?
Re: Future Economists Will Probably Call This Decade the 'Longest Depression'
#7In the course of selling his New Deal to the impoverished American public, president Franklin Delano Roosevelt pitched his reforms by stating: "It is common sense to take a method and try it. If it fails, admit it frankly and try another, but above all try something. The millions who are in want will not stand by silently forever while the things to satisfy their needs are within easy reach." The most frustrating par…
How many times has the federal government tried something that didn't work and frankly admitted the failure?
Re: Future Economists Will Probably Call This Decade the 'Longest Depression'
#8> Back before 2008, I used to teach my students that during a disturbance in the business cycle, we'd be 40 percent of the way back to normal in a year. The long-run trend of economic growth, I would say, was barely affected by short-run business cycle disturbances. There would always be short-run bubbles and panics and inflations and recessions. They would press production and employment away from its long-run trend -- perhaps by as much as 5 percent. But they would be transitory.
Wait, how do you know this isn't the long-term trend now?
Re: Future Economists Will Probably Call This Decade the 'Longest Depression'
#9In the course of selling his New Deal to the impoverished American public, president Franklin Delano Roosevelt pitched his reforms by stating: "It is common sense to take a method and try it. If it fails, admit it frankly and try another, but above all try something. The millions who are in want will not stand by silently forever while the things to satisfy their needs are within easy reach." The most frustrating par…
Ironically, FDR's economic policy amounted to "we'll try every kind of beating until morale improves". Completely incoherent market interventions aren't good for markets.
Re: Future Economists Will Probably Call This Decade the 'Longest Depression'
#10A Solow-humper sees the error of his ways. It's the feel good hit of the new year.