The Great Stagnation : How America Ate All The Low-Hanging Fruit of Modern History, Got Sick, and Will (Eventually) Feel Better: A Penguin ESpecial From Dutton

Product Description America is in disarray and our economy is failing us. We have been through the biggest financial crisis since the Great Depression, unemployment remains stubbornly high, and talk of a double-dip recession persists. Americans are not pulling the world economy out of its sluggish state -- if anything we are looking to Asia to drive a recovery.Median wages have risen only slowly since the 1970s, and this multi-decade stagnation is not yet over. By contrast, the living standards of earlier generations would double every few decades. The Democratic Party seeks to expand government spending even when the middle class feels squeezed, the public sector doesn’t always perform well, and we have no good plan for paying for forthcoming entitlement spending. To the extent Republicans have a consistent platform, it consists of unrealistic claims about how tax cuts will raise revenue and stimulate economic growth. The Republicans, when they hold power, are often a bigger fiscal disaster than the Democrats. How did we get into this mess?Imagine a tropical island where the citrus and bananas hang from the trees. Low-hanging literal fruit -- you don’t even have to cook the stuff.In a figurative sense, the American economy has enjoyed lots of low-hanging fruit since at least the seventeenth century: free land; immigrant labor; and powerful new technologies. Yet during the last forty years, that low-hanging fruit started disappearing and we started pretending it was still there. We have failed to recognize that we are at a technological plateau and the trees are barer than we would like to think. That’s it. That is what has gone wrong.The problem won’t be solved overnight, but there are reasons to be optimistic. We simply have to recognize the underlying causes of our past prosperity—low hanging fruit—and how we will come upon more of it. ... The Especial Heard Round The World That Ignited A Firestorm Of Debate And Redefined The Nature Of Our Economic Malaise Is Now--at Last--a Book. America Has Been Through The Biggest Financial Crisis Since The Great Depression, Unemployment Numbers Are Frightening, Median Wages Have Been Flat Since The 1970s, And It Is Common To Expect That Things Will Get Worse Before They Get Better. Certainly, The Multidecade Stagnation Is Not Yet Over. How Will We Get Out Of This Mess? One Political Party Tries To Increase Government Spending Even When We Have No Good Plan For Paying For Ballooning Programs Like Medicare And Social Security. The Other Party Seems To Think Tax Cuts Will Raise Revenue And Has A Record Of Creating Bigger Fiscal Disasters Than The First. Where Does This Madness Come From? As Cowen Argues, Our Economy Has Enjoyed Low-hanging Fruit Since The Seventeenth Century: Free Land, Immigrant Labor, And Powerful New Technologies. But During The Last Forty Years, That Low-hanging Fruit Started Disappearing, And We Started Pretending It Was Still There. We Have Failed To Recognize That We Are At A Technological Plateau. The Fruit Trees Are Barer Than We Want To Believe. That Is What Has Gone Wrong And That Is Why Our Politics Is Crazy. Cowen Reveals The Underlying Causes Of Our Past Prosperity And How We Will Generate It Again. This Is A Passionate Call For A New Respect For Scientific Enterprise And The Pursuit Of Innovations That Benefit Not Only Powerful Elites, But Humanity As A Whole.--dust Jacket Flaps. The Low-hanging Fruit We Ate: Land, Technology, And Uneducated Kids -- Our New (not So) Productive Economy -- Does The Internet Change Everything? Price, Production, And Revenue -- The Government Of The Low-hanging Fruit: Left, Right, And Upside Down -- Why Did We Have Such A Big Financial Crisis? Bankers, Museum Directors, You, And Me -- Can We Fix Things? The Great Difference Then And Now. Tyler Cowen. Includes Bibliographical References (p. 91-101) And Index. America is in disarray and our economy is failing us. We have been through the biggest financial crisis since the Great Depression, unemployment remains stubbornly high, and talk of a double-dip recession persists. Americans are not pulling the world economy out of its sluggish state -- if anything we are looking to Asia to drive a recovery. Median wages have risen only slowly since the 1970s, and this multi-decade stagnation is not yet over. By contrast, the living standards of earlier generations would double every few decades. The Democratic Party seeks to expand government spending even when the middle class feels squeezed, the public sector doesn't always perform well, and we have no good plan for paying for forthcoming entitlement spending. To the extent Republicans have a consistent platform, it consists of unrealistic claims about how tax cuts will raise revenue and stimulate economic growth. The Republicans, when they hold power, are often a bigger fiscal disaster than the Democrats. How did we get into this mess? Imagine a tropical island where the citrus and bananas hang from the trees. Low-hanging literal fruit -- you don't even have to cook the stuff. In a figurative sense, the American economy has enjoyed lots of low-hanging fruit since at least the seventeenth century: free land; immigrant labor; and powerful new technologies. Yet during the last forty years, that low-hanging fruit started disappearing and we started pretending it was still there. We have failed to recognize that we are at a technological plateau and the trees are barer than we would like to think. That's it. That is what has gone wrong. The problem won't be solved overnight, but there are reasons to be optimistic. We simply have to recognize the underlying causes of our past prosperity-low hanging fruit-and how we will come upon more of it. Tyler Cowens controversial#160; New York Times bestsellerthe book#160;heard round the world that ignited a firestorm of debate and redefined the nature of Americas economic#160;malaise.#160; America has been through the biggest financial crisis since the great Depression, unemployment numbers are frightening, media wages have been flat since the 1970s, and it is common to expect that things will get worse before they get better. Certainly, the multidecade stagnation is not yet over. How will we get out of this mess? One political party tries to increase government spending even when we have no good plan for paying for ballooning programs like Medicare and Social Security. The other party seems to think tax cuts will raise revenue and has a record of creating bigger fiscal disasters that the first. Where does this madness come from?#160; As Cowen argues, our economy has enjoyed low-hanging fruit since the seventeenth century: free land, immigrant labor, and powerful new technologies. But during the last forty years, the low-hanging fruit started disappearing, and we started pretending it was still there. We have failed to recognize that we are at a technological plateau. The fruit trees are barer than we want to believe. That's it. That is what has gone wrong and that is why our politics is crazy.#160; In The Great Stagnation , Cowen reveals the underlying causes of our past prosperity and how we will generate it again. This is a passionate call for a new respect of scientific innovations that benefit not only the powerful elites, but humanity as a whole Tyler Cowen’s controversial New York Times bestseller—the book heard round the world that ignited a firestorm of debate and redefined the nature of America’s economic malaise. America has been through the biggest financial crisis since the great Depression, unemployment numbers are frightening, media wages have been flat since the 1970s, and it is common to expect that things will get worse before they get better. Certainly, the multidecade stagnation is not yet over. How will we get out of this mess? One political party tries to increase government spending even when we have no good plan for paying for ballooning programs like Medicare and Social Security. The other party seems to think tax cuts will raise revenue and has a record of creating bigger fiscal disasters that the first. Where does this madness come from? As Cowen argues, our economy has enjoyed low-hanging fruit since the seventeenth century: free land, immigrant labor, and powerful new technologies. But during the last forty years, the low-hanging fruit started disappearing, and we started pretending it was still there. We have failed to recognize that we are at a technological plateau. The fruit trees are barer than we want to believe. That's it. That is what has gone wrong and that is why our politics is crazy. In The Great Stagnation , Cowen reveals the underlying causes of our past prosperity and how we will generate it again. This is a passionate call for a new respect of scientific innovations that benefit not only the powerful elites, but humanity as a whole.