Story of the Year

Arnold Kling

By Arnold Kling, Dec 29 2005

I have an essay on what I call the Most Important Economic Story of the Year.

The average productivity growth rate in the last five years is the highest over the past half century.

For Discussion. What do you think is the most important economic story of the year?

James C. Garland writes, state higher-education budgets are not targeted efficiently. By way of comparison, consider the food stamp program, which in 2004 paid out $27 billion directly to 24 million low-income Americans. Imagine if there were, in its place, a food subsidy program by which the government paid that $27 ...

Dec 30 2005

Macroeconomics

Even Bigger Than Arnold Thinks

Bryan Caplan

Arnold's right that high labor productivity growth over the past five years is a big story. But this fact is even more impressive because labor productivity is normally procyclical. That means that during recessions, labor productivity typically falls (or at least rises at a below-average rate). The fact that it has...

Dec 29 2005

Growth: Consequences

Story of the Year

Arnold Kling

I have an essay on what I call the Most Important Economic Story of the Year. The average productivity growth rate in the last five years is the highest over the past half century. For Discussion. What do you think is the most important economic story of the year?

Story of the Year

Arnold Kling

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