In Unemployment Report, Signs of a Jobless Recovery (Published 2009)
Sergio Fuentes sought help from a state worker while looking through listings in San Jose, Calif.Credit...Paul Sakuma/Associated Press Such an outcome would confront the Obama administration with a potentially nettlesome political problem heading into next year’s midterm elections. After the government unleashed $787 billion to stimulate economic growth, and after it bailed out financial instituti
How Did Economists Get It So Wrong? (Published 2009)
I. MISTAKING BEAUTY FOR TRUTH It’s hard to believe now, but not long ago economists were congratulating themselves over the success of their field. Those successes — or so they believed — were both theoretical and practical, leading to a golden era for the profession. On the theoretical side, they thought that they had resolved their internal disputes. Thus, in a 2008 paper titled “The State of Ma
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