It must be a condition of employment that a journalist who writes about the current recession include in his article the statement, �consumption makes up more than two-thirds of the economy� or �consumption spending accounts for 70 percent of GDP.� This seemingly simple, factual statement, however, is nearly always intended to carry some explanatory…
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Private saving and investment are the heart and soul of the dynamic market process. Together they provide and allocate the resources used to augment the economy�s productive capacity, generate sustained long-run economic growth, and thereby make possible a rising level of living. Economic crises interrupt this process by discouraging investors and causing them to…
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Regime uncertainty has gained increasing recognition as the current economic troubles have persisted with little or no improvement since the economy reached a cyclical trough early in 2009. As described in my 1997 paper, regime uncertainty pertains to “the likelihood that investors� private property rights in their capital and the income it yields will…
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