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The Growth Experiment Revisited by Lawrence Lindsey

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[17]

Forward: Deeper into the Morass

THERE IS NO DOUBT THAT THE AMERICAN ECONOMY IS IN deep crisis. Our nation’s deficits are running at a record share of the economy in peacetime and have continued to despite the end of the recession. We are paying for those deficits out of money creation, with the balance sheet of the nation’s central bank, the Federal Reserve, having quadrupled in size since 2008. Despite record fiscal and monetary expansion, growth continues to be anemic. This has been the slowest economic recovery since we began collecting economic data, and this is despite the fact that deep recessions are usually followed by robust recoveries.

But there is an equally profound crisis in economic thinking about what to do about it. The models ...

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