John Maynard Keynes once famously said that the difficulty lies not so much in developing new ideas but in escaping from old ones. And one of the oldest and most pervasive and pernicious economic ideas is that technology kills jobs.
While president Barack Obama's handling of foreign policy suggests that the 2016 election may see a sharper than usual focus on international issues, it is important to remember that most Americans vote on pocketbook issues in presidential elections.
Protecting the American people from another devastating financial crash and the economic wreckage it causes begins with reflecting honestly about the past and trying to learn the right lessons.
The result of such austerity policies has been lost output and overall wealth that several economists say could last for years--and may even be permanent--hurting both jobs and economic output.
Even former Fed Chair Ben Bernanke has been irked by right wing conservatives for doing just the thing that most conservative economists, such as Martin Feldstein, and even arch-free market theorist Milton Friedman, said was the right thing to do during recessions--inject more money into the economy.
While the Trans-Pacific Partnership deal is being hotly debated in Congress, the fact is that this trade deal -- or any trade deal -- will have little impact on American jobs, or more specifically, on the decline in good-paying jobs for middle-class Americans.
At last month's JFK Jr. Forum, Jason Furman, who served in President Obama's administration eight months before it was formed, talked with Larry Summers, former President of Harvard and U.S. Secretary of the Treasury, in a fireside chat on the current state and future of the U.S. economy.
The May 10th Agreement struck the right balance between the need to promote innovation and the need to protect public health. TPP must meet the standards set in the May 10th Agreement. Right now, it does not.
I am reading "Daniel Patrick Moynihan, A Portrait in Letters of an American Visionary" edited by Steven Weisman. It is a good title because Moynihan was indeed a visionary.
Everything will, instead, be online. Education will be free. It will be worldwide. It will be accessible. It will be meritocratic. Gone will be professors. Gone will be PhD degrees. Gone will be Harvard. Carey now knows The Secret of Education.
"The exponential improvement in the elements of computing is not about to run out of gas. We've got generations more of it to go. Geeks out there are going to take that computational power and that ocean of data and do things that astonish us."
The class bias of American politics has not only cost us our democracy. It has also cost us our jobs, our health, and our security. For years, the recovery was crippled by the politics of austerity, as a bipartisan coalition took a butcher's knife to the public sector, and as balanced budgets took precedence over basic needs.
Marc Andreessen is wrong, and it ties into his wrongness about Piketty. Technology can be a very good complement to labor, or a very good substitute for labor.
According to economist Lance Taylor and his colleagues, we're not yet talking about the kinds of major changes needed to keep us from becoming a Downton Abbey society.
The primary challenge democracies face is neither military nor philosophical. Rather, for the first time since the Great Depression, many industrial democracies are failing to raise living standards and provide opportunities for social mobility to a large share of their people.
No one should be surprised that the American people are economically insecure and anxious. Seven in 10 voters said the nation's economy is in bad shape. Voters who said the economy was important to them voted 2 to 1 for Republicans.