Polls show Americans are skeptical about tax cuts, free trade, and may even be warming to socialism (at least in the Democratic Party). Is free-market capitalism still considered the best path to prosperity here in the U.S.? To find out, I chatted with capitalism evangelist Larry Kudlow, CNBC’s senior contributor and previously host of “The Kudlow Report” on CNBC. He also hosts the nationally syndicated “The Larry Kudlow Show” on WABC Radio and is co-host of the “Money and Politics” podcast here on Ricochet. Among the topics we covered: Donald Trump-onomics, tax policy, and the future of the GOP.More
China often seems to be the only country that can possibly compete with or overtake the US in economic horsepower. This isn’t just international opinion; the Chinese seem pretty optimistic about how they are doing too. In 2015, 90% of Chinese citizens ranked their economy as good or very good, and 88% think their children will be better off than they are.
But will this last any longer? Given recent movements in the market and the Chinese government’s suppression (maybe even alteration) of crucial economic data, it seems like a real possibility things are taking a turn for the worse.More
Not only is this an historically weak recovery, but there are deeper signs of trouble. A big one: Productivity growth — a key indicator of technological innovation — has been basically flat since the Great Recession.
Are things ever going to get better? Or as singer-songwriter Merle Haggard once put it, “Are the good times really over for good?”More
Is America smart enough? In his new book, Hive Mind: How Your Nation’s IQ Matters So Much More Than Your Own, economist Garett Jones explores the important role of national IQ in creating national prosperity. I recently sat down with him to discuss how exactly a country’s cognitive firepower translates into a better economy — and what we can do about, if anything.
Jones is the BB&T Professor for the Study of Capitalism at The Mercatus Center, and associate professor at George Mason University. He has worked on Capitol Hill, and has contributed to C-Span’s Washington Journal, the Washington Post, The Wall Street Journal, Bloomberg Business Week, Fox Business, and the New York Times. He holds a BA from Brigham Young University, a MPA in Public Affairs from Cornell University, a MA in Political Science from UC-Berkeley, and a PhD in Economics from UC-San Diego.More
Should you give a homeless person money or food, or just keep walking? It’s a quandary many Americans face, especially those who live in big cities. Homelessness raises other questions as well. How can we reduce the problem? How do the data misrepresent the issues? In what cities are there real “states of emergency”? And are shelters for the homeless – a seemingly obvious solution to the profile – actually effective in solving the greater social problems that homelessness embodies?
I sat down with AEI’s Kevin Corinth to get some of the answers. Kevin Corinth is a research fellow in economic policy studies at the American Enterprise Institute, where he focuses on homelessness and the programs and policies put in place to assist the homeless. Corinth has a bachelor’s degree in economics and political science from Boston College and a master’s and doctorate in economics from the University of Chicago, where he was also a lecturer.More
People joke about the world being taken over by robots. But when someone as high profile as Steven Hawking says “The development of full artificial intelligence could spell the end of the human race,” and that “Humans, who are limited by slow biological evolution, can’t compete, and would be superseded” by constantly improving machines, you stop joking and you start to wonder. You ask: What would a world run by robots look like? Will that world materialize in one hundred years? In fifty? How do we ensure robots, AI, and automation support our basic social and economic human needs rather than undermine them?
For that, we turn to Martin Ford, software developer, entrepreneur, and Silicon Valley-based author of The New York Times Bestselling Rise of the Robots: Technology and the Threat of a Jobless Future and The Lights in the Tunnel: Automation, Accelerating Technology and the Economy of the Future. He has a degree in a computer engineering from the University of Michigan, Ann Arbor and a graduate business degree from the UCLA.More
Anyone following the news knows income inequality is at the front of political debate.
New findings from Pew Research Center show that the middle class has been in steady decline since 1971, and that while median incomes for the middle class have risen 34% since 1970, upper income households have seen a 47% increase. Since 1971, each decade has a decrease in the number of middle-income households, and no one decade signals a rapid decline.More
Many “progressive” Democrats, including Hillary Clinton rival Bernie Sanders, argue America should model itself on Scandinavia and its egalitarian social democracies. As Sanders told ABC News, “I think we should look to countries like Denmark, like Sweden and Norway, and learn from what they have accomplished for their working people.”
But is IKEAmerica really possible or even desirable? To find out about whether the US should be Swedenizing — as well as the latest about that country’s immigration crisis — I chat with Tino Sanandaji, a Stockholm — based economist and author who received his graduate degree in Public Policy from the University of Chicago. Some listeners may be familiar with his work in National Review where he has written on immigration, education, and entrepreneurship.More
With the presidential election season in full swing, candidates in both parties are unveiling sweeping tax reform plans. But what’s smart public policy and what’s mere political posturing? To help find out, I chat with Stan Veuger of the American Enterprise Institute on this episode of Ricochet’s Political Economy podcast.More
Where are all the startups? The pace of US business creation has been declining for 30 years, leading to less innovation, economic growth, and job creation.
On the latest Money & Politics episode, podcast host James Pethokoukis explores this mystery with Ian Hathaway, founder and managing director of Ennsyte, a San Francisco-based economics and research consulting firm. Hathaway is also a visiting Scholar at the Federal Reserve Bank of Cleveland and an advisor to early-stage technology startups. His current research focuses primarily on technology, innovation, entrepreneurship, and economic growth.More
Why has the US recovery been so anemic? Folks on the right like to talk about “uncertainty” stemming from President Obama’s economic policy. Folks on the left have latched onto a theory called “secular stagantion,” cooked up by former Obama economist Larry Summers that has to do with chronic inadequate demand. In a previous podcast, we chatted with Tyler Cowen on his “great stagnation’ theory on declining innovation.”
But in his essay “Technological Unemployment Amidst Stagnation” blogger, ex-banker, and current entrepreneur Ashwin Parameswaran offers a different theory in an attempt to answer why the recovery has been slow as well as why “the “benefits of the current economic recovery have flown disproportionately towards corporate profits with wages and employment lagging far behind.” In this episode of the Ricochet Money and Politics Podcast, I chat with Parameswaran about his ideas.More
It used to be common for the US economy to post a quarter of 4% or faster real GDP growth. In the 1980s (1981-1990), there were 18 such quarters. In the 1990s (1991-2000), another 18 quarters. But in the 53 quarters since then, the US economy has generated only six three-month periods of 4% real GDP growth or faster, including just two during the Not-So-Great Recovery. To help find out what’s gone wrong and continues to go wrong with the sputtering American Growth Machine, this episode of the Ricochet Money & Politics Podcast features a chat with Brink Lindsey, vice president of research at the Cato Institute. At Cato, Lindsey has has written on a wide range of topics including trade policy, globalization, American social and cultural history, and the nature of human capital. His current research focuses on economic growth and the policy barriers that impede it. Among his papers: Why Growth is Getting Harder. Lindsey is also author of the 2013 book, Human Capitalism: How Economic Growth Has Made Us Smarter–and More Unequal.More
In the 1930s, statists used the Great Depression as an excuse to attack free enterprise. Now their successors are using the Great Recession to do much the same. In this episode of the Ricochet Money & Politics podcast, I chat about the future of free enterprise and the US welfare state with Arthur Brooks, president of the American Enterprise Institute and a regular New York Times opinion writer.
Immediately before joining AEI, Brooks was the Louis A. Bantle Professor of Business and Government at Syracuse University, where he taught economics and social entrepreneurship. He is also the author of 10 books, the most recent being “The Road to Freedom: How to Win the Fight for Free Enterprise.”More
What does a smart center-right growth and jobs agenda look like? On this week’s episode of Ricochet’s Money & Politics podcast, I ask that question of Michael Strain of the American Enterprise Institute. A repeat guest on the podcast, Strain began his career in the research group of the Federal Reserve Bank of New York. Before joining AEI, he managed the New York Census Research Data Center, a U.S. Census Bureau research facility. He writes frequently on labor markets, taxes, and inequality.More
What’s happening with the War on Poverty, and what should conservatives do next? On this episode of Ricochet’s Money & Politics Podcast, we chat with Robert Doar, the Morgridge Fellow in Poverty Studies at the American Enterprise Institute where he evaluates how free enterprise and improved federal policies and programs can reduce poverty and provide opportunities for vulnerable Americans. Before joining AEI, Doar was commissioner of New York City’s Human Resources Administration, the largest local social services agency in the United States. In the podcast, Doar gives his take on what the War on Poverty accomplished and also left undone. And he explains why work needs to be at the heart of center-right reform.
Here are a few of Doar’s recent writings:More
Are America’s K-12 schools fixable? And do center-right policymakers have any better
ideas than just school vouchers? On this new episode of the Ricochet Money & Politics Podcast, I chat with Michael McShane, former inner-city high school teacher and current research fellow in education policy studies at the American Enterprise Institute.Some of McShane’s recent writings:More
Do broken families trap millions of Americans in poverty? On this episode of Ricochet’s Money & Politics podcast, I chat with Prof. Brad Wilcox, a visiting scholar at the American Enterprise Institute where he directs The Home Economics Project. Inaugurated in fall of 2013, the research project explores the links between family structure and economic growth in 20 countries around the world — more specifically, how marriage and a strong family life foster free enterprise. Dr. Wilcox is also an associate professor in the department of sociology at the University of Virginia, where he directs the National Marriage Project.More
Will robots take all our jobs? In this episode of the Ricochet Money & Politics Podcast, we’ll try and find out by chatting with MIT’s Andrew McAfee and Erik Brynjolfsson. They’re the authors of the new book, The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies. This is our second podcast with Brynjolfsson, with the previous one about his e-book, Race Against the Machine, also written with McAfee.More
You can’t legally make and market your own Mickey Mouse cartoon. And that’s bad for the American economy. In this episode of Ricochet’s Money & Politics Podcast, I chat with technology policy consultant Derek Khanna. Khanna is also a fellow with the Information Society Project at Yale Law School and a former lead staffer for the Republican Study Committee where he focused on defense, technology and national security issues with a particular expertise in intellectual property, privacy and cyber security legislation. In addition, Khanna writes regularly for Forbes.com.
Three Myths about Copyright Law and Where to Start to Fix It – Derek Khanna for the RSCMore
Are the best days for the US economy over? Or is another golden age of growth and innovation already beginning? There are few people better to ask than Stephen Oliner, a resident scholar at the American Enterprise Institute and a senior fellow at UCLA’s Zyman Center for Real Estate.
Oliner joined AEI after spending more than 25 years at the Federal Reserve Board,where he specialized in analyzing US productivity. In a recent paper, Oliner writes that slower productivity growth of late is largely explained by reduced contributions from information technology, after the tech boom from the mid-1990s to about 2004. But he also points out, for instance, that chip innovation is continuing at a rapid pace, “raising the possibility of a second wave in the IT revolution [and] that the pace of labor productivity growth could rise to its long-run average of 2¼ percent or even above.” Are we stuck in a Great Stagnation or new Era of Innovation? We try and find out on this episode of Ricochet’s Money & Politics podcast.More