The End of Normal

The End of Normal

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Galbraith, James K. Simon & Schuster, Inc., 2014
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IN THIS SUMMARY

What most economic analyses share is an assumption that the United States’ economic growth since the late 1940s is normal and will resume if the underlying issues are resolved. In The End of Normal, James K. Galbraith disputes this assumption and explains how people’s expectations of future economic growth have been framed by a historically contingent postwar experience. He describes how errors in economists’ growth models were evident as early as the 1970s and are now undeniable, as four major factors have undercut the ability of the United States to meet those growth expectations. In the wake of the Great Crisis (or Great Recession) of 2008, economists need to revise some of their discipline’s assumptions and models, and policy makers need to rethink their prescriptions based onEnd the realities of a slow-growth world.