Wednesday, August 15, 2012
America's Alleged Economic Recovery
My latest op-ed has been published on Forbes.com. In "America's Alleged Economy Recovery Is Slower than Japan's Lost Decade (the title was the publisher's idea), I attempt to explain why the vast majority of the most recent economic data does not look so good. My main argument is that much of our statistical recovery has been only apparent and made possible by government spending and monetary inflation. Such "recoveries" are always temporary at best because they are not built upon the economic bedrock of the market division of labor, savings and capital accumulation, and wise entrepreneurship.