In the history of economic thought, “the long run” has been a bludgeon to wield in a policy fight.
May 9, 2017
Why aren't American companies spending money?
For forty-years American management has leveraged capital mobility to demand concessions from organized labor. Holders of sovereign debt do the same to demand reductions in public spending and shrinking the public sector. This has severely strained liberals’ willingness to stimulate private investment through taxes and transfers. Meanwhile, corporate boards of directors continue to refuse to invest on any but their own terms. Loosening their grip on investment decisions is the only way through this impasse.
November 20, 2013
When the city couldn’t pay, it agreed to restructure the loan. Detroit turned to casino taxes for help.
September 16, 2013
The public schools funding crisis can only get worse. At the same time Philadelphia is growing.