"Geithner's Revelation" – The Wall Street Journal – May 12, 2009 – A terrific editorial echoingmy post on the first public official to concede the crucial role easy monetary policy played in the crash.
An underreported story of the last two decades is the sharp decline in the number of publicly traded U.S. firms. In 1996, U.S. stock markets boasted 7,322 listed firms. By 2015, however, that number had dropped by more than half, to 3,200. If we adjust for population, the U.S. had 2.2 public firms per hundred thousand people in 1975, but today that number has fallen to 1.1 public firms per hundred thousand people. The peak in 1996 was 2.7 public firms per hundred thousand. continue reading . . .
In his big new book on the history and future of innovation, Northwestern University economist Robert Gordon argues that information technology is a spent force. Computers and networks just aren’t as powerful as previous inventions, he argues, and the U.S. should expect another 25 years of relative stagnation. He thinks productivity growth up to 2040 will be just half our historical average, meaning tens of millions of middle-class workers will struggle to get ahead.
During the “energy crisis” of 2006, we wrote the following Wall Street Journalcommentary, hoping to calm fears of “peak oil” and other nonsense that often accompanies big price swings. We said oil prices likely would recede. We said vast stores of oil, especially in shale, were about to be found and extracted. We said alternative energy schemes in part justified by high oil prices were a bad idea. We also said a big financial disruption was likely. Continue reading . . .
This question is central to the efforts to change the way we regulate the Internet. In a short new paper from the American Enterprise Institute, we look at a simple way to gauge whether the U.S. has in fact fallen behind other nations in coverage, speed, and price . . . and whether consumers enjoy access to content.
What would “the New Normal” of a mere 1% per capita GDP growth mean for the American economy over the next few decades? What if it’s even worse, as many are now predicting? Is there anything we can do about it? If so, what? We address these items in our new article for the Business Horizon Quarterly — “Beyond the New Normal, a New Era of Growth.”
We’ve published a lot of linear and log-scale line charts of Internet traffic growth. Here’s just another way to visualize what’s been happening since 1990. The first image shows 1990-2004. Continue reading »