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View related content: International Economics
Over the past decade, in an effort to boost their respective economies in a world where interest rates had reached their zero bound, the world’s major central banks engaged in a massive amount of bond buying. In the process, they managed to seriously distort credit markets by forcing down interest rates to levels that did not adequately compensate lenders for the risk that the creditor might default.
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View related content: Society and Culture
Many conservatives blanch at the notion of using state power to increase individual autonomy and maximize choice, while progressives are similarly suspicious of the state enforcing codes of virtue and morality. Sunstein places stark questions before us all, then: What norms, if any, may the state work to change?
Goldman Sachs now believes even more strongly that “technological change is not fully reflected in the real output statistics.” From a bottom-up perspective, there’s all that missing growth from free digital goods. From a top-down perspective, Goldman economists note that the “growth of domestically generated profits and incomes (GDI) is outpacing that of GDP, a departure from earlier decades.”