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Crunch by Jared Bernstein

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3 Political Economy 202

Principle #1—and it’s first for a reason—emphasizes the role of power in economic outcomes, a role that gets virtually no attention in formal economics training. Yet, as stressed throughout these pages, the power to steer economic goodies your way is at the heart of our most fundamental economic challenge: the growing gap between overall growth and most families’ living standards. Imbalanced economic power is at the heart of the crunch.

In this country more than any other advanced economy, when you’re talking about power, you’re in spitting distance of politics. Thus, it’s not enough to be an economist—to know the rules of economics. You’ve got to be a political economist: You must know how the rules of economics interact ...

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