Opposition to globalization. Efforts to weaken intellectual property protections. Pushing for municipal broadband. Calls for the National Institutes of Health to develop drugs. What do these positions have in common? They are all examples of the recent turn toward anti-corporate progressivism.
As neoclassical economics steeped with market fundamentalist ideology started to gain ascendency in the 1970s, the federal government gradually abandoned efforts to help lagging regions.
There is a continuum of state involvement in industry and technology policy that spans from doing nothing to picking particular firms and technologies.
The United States is not producing 24,881% more computers than it was in 1980, and is likely producing significantly fewer because of offshoring.
Knowing that many Americans see flourishing as the right goal, both the freedom and fairness camps claim their policies generate flourishing. But mostly they don’t.
As hard as it is to believe, there was a time – before the New Deal – when economists were largely treated like any other interest group, occasionally saying something interesting, but usually ignored by policymakers.
The 2020 election bears the most resemblance to 1980, which ushered a transformed Republican Party into the White House and Senate for the first time since 1954.
Raising the minimum wage would not increase unemployment; it would increase living standards for low-income workers—and, critically, it would boost overall U.S. productivity growth.
If one believes that ideas matter, then the person who has surely done the most harm to humanity is Karl Marx, as his writings led to Communism, with its repression and tens of millions of deaths (as well the rise of Nazi Germany).
When it comes to the economy, the Biden administration will have to focus on three things: COVID, a recovery package, and China. Everyone understands we have to get vaccines in the arms of as many Americans as possible as soon as possible. And hopefully the Senate can agree on an economic recovery package.