Celebrating humanity's flourishing through the spread of capitalism and the rule of law
03 May 2014 Leave a comment
in great recession, macroeconomics Tags: Edward Prescott, great recession, Robert Lucas
Ed Prescott and Robert Lucas are several of many who use variations of the chart below to show that the USA has moved to a lower long-term growth path.
Source: House of Debt
The chart below for output per working age American (ages 15 to 64) is just as depressing.
Source: Edward Prescott
At least Spain with its 25% unemployment rate is doing a little worse.
Source: Edward Prescott
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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