Will the Real John Maynard Keynes Please Stand Up? (Cato Unbound Book 122011)
Contents:
The average ownership rate from — was Similarly, ownership rates of gadgets and amenities are relatively high compared to other countries. It was reported by Pew Research Center in that, for the first time in years, Americans aged 18 to 34 are more likely to live with their parents than in any other housing situation.
Census men tended to have higher income than women while Asians and Whites earned more than African Americans and Hispanics. According to an October report by the Pew Research Center , real wages have been flat or falling for the last five decades for most U. An August survey by CareerBuilder found that 8 out of 10 U. CareerBuilder spokesman Mike Erwin blamed "stagnant wages and the rising cost of everything from education to many consumer goods".
Starting in the s relative poverty rates have consistently exceeded those of other wealthy nations, though analyses using a common data set for comparisons tend to find that the U. The poverty rate rose from The population in extreme-poverty neighborhoods rose by one third from to There were about , sheltered and unsheltered homeless persons in the U.
Almost two thirds stayed in an emergency shelter or transitional housing program and the other third were living on the street, in an abandoned building, or another place not meant for human habitation. The United States has one of the least extensive social safety nets in the developed world, reducing both relative poverty and absolute poverty by considerably less than the mean for wealthy nations.
The American system is a mix of public and private insurance. The government provides insurance coverage for approximately 53 million elderly via Medicare , 62 million lower-income persons via Medicaid , and 15 million military veterans via the Veteran's Administration. About million employed by companies receive subsidized health insurance through their employer, while 52 million other persons directly purchase insurance either via the subsidized marketplace exchanges developed as part of the Affordable Care Act or directly from insurers.
The private sector delivers healthcare services, with the exception of the Veteran's Administration, where doctors are employed by the government. Multiple surveys indicate the number of uninsured fell between — due to expanded Medicaid eligibility and health insurance exchanges established due to the Patient Protection and Affordable Care Act , also known as the "ACA" or "Obamacare".
According to the United States Census Bureau , in there were Following the implementation of major ACA provisions in , this figure fell by However, under President Trump these gains in healthcare coverage have begun to reverse. The Commonwealth Fund estimated in May that the number of uninsured increased by 4 million from early to early The rate of those uninsured increased from The impact was greater among lower-income adults, who had a higher uninsured rate than higher-income adults. Regionally, the South and West had higher uninsured rates than the North and East.
Further, those 18 states that have not expanded Medicaid had a higher uninsured rate than those that did.
According to Physicians for a National Health Program , this lack of insurance causes roughly 48, unnecessary deaths per year. Goodman for not looking at cause of death or tracking insurance status changes over time, including the time of death. America solely developed or contributed significantly to 9 of the top 10 most important medical innovations since as ranked by a poll of physicians, while the EU and Switzerland together contributed to five. Since , Americans have received more Nobel Prizes in Medicine than the rest of the world combined.
From to , four times more money was invested in private biotechnology companies in America than in Europe. Of 17 high-income countries studied by the National Institutes of Health in , the United States ranked at or near the top in obesity rate, frequency of automobile use and accidents, homicides, infant mortality rate, incidence of heart and lung disease, sexually transmitted infections, adolescent pregnancies, recreational drug or alcohol deaths, injuries, and rates of disability.
Together, such lifestyle and societal factors place the U. On average, a U. A comprehensive study by European doctors found the five-year cancer survival rate was significantly higher in the U. The high cost of health care in the United States is attributed variously to technological advance, administration costs, drug pricing, suppliers charging more for medical equipment, the receiving of more medical care than people in other countries, the high wages of doctors, government regulations, the impact of lawsuits, and third party payment systems insulating consumers from the full cost of treatments.
Americans tend to receive more medical care than people do in other countries, which is a notable contributor to higher costs. In the United States, a person is more likely to receive open heart surgery after a heart attack than in other countries. Medicaid pays less than Medicare for many prescription drugs due to the fact Medicaid discounts are set by law, whereas Medicare prices are negotiated by private insurers and drug companies.
Its manufacturing output is greater than of Germany, France, India, and Brazil combined. American companies such as Boeing , Cessna see: Textron , Lockheed Martin see: Skunk Works , and General Dynamics produce a majority of the world's civilian and military aircraft in factories across the United States. The manufacturing sector of the U. Employment in manufacturing was its lowest since July There has been much debate within the United States on whether the decline in manufacturing jobs are related to American unions, lower foreign wages, or both.
Although agriculture comprises less than two percent of the economy, the United States is a net exporter of food. With vast tracts of temperate arable land, technologically advanced agribusiness , and agricultural subsidies , the United States controls almost half of world grain exports.
Personal transportation is dominated by automobiles, which operate on a network of 4 million miles 6.
Archived from the original PDF on March 26, Archived from the original on February 5, Although agriculture comprises less than two percent of the economy, the United States is a net exporter of food. Starting in the s relative poverty rates have consistently exceeded those of other wealthy nations, though analyses using a common data set for comparisons tend to find that the U. Nuclear power supplied 8.
The civil airline industry is entirely privately-owned and has been largely deregulated since , while most major airports are publicly-owned. The US is the second-largest energy consumer in total use. Nuclear power supplied 8. In , the United States imported 2, million barrels of crude oil , compared to 3, million barrels in The paper reported expectations that this would continue until Internet was developed in the U.
The United States is the world's second-largest trading nation.
The dollar is also used as the standard unit of currency in international markets for commodities such as gold and petroleum. Since , the U. In , the U. By this measure, the U. Treasury has been obtaining negative real interest rates on government debt. Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association unanimously recommended that government debt be allowed to auction even lower, at negative absolute interest rates.
Download it once and read it on your Kindle device, PC, phones or tablets. The former looks to John Maynard Keynes, who, in his landmark book The to Will the Real John Maynard Keynes Please Stand Up? (Cato Unbound Book ) Publisher: Cato Institute (November 7, ); Publication Date: November 7. to John Maynard Keynes, who, in his landmark book The General Tim Congdon argues that John Maynard Keynes' latter-day Dean Baker argues that Keynesians have not given up on monetary December 12,
The United States dollar is the unit of currency of the United States. The federal government attempts to use both monetary policy control of the money supply through mechanisms such as changes in interest rates and fiscal policy taxes and spending to maintain low inflation, high economic growth, and low unemployment. A private central bank , known as the Federal Reserve , was formed in to provide a stable currency and monetary policy. Countries losing economic freedom and receiving low index scores are at risk of economic stagnation, high unemployment rates, and diminishing social conditions.
It dropped two rankings and its score is half a point lower than in Regulation falls into two general categories. Some efforts seek, either directly or indirectly, to control prices. Traditionally, the government has sought to create state-regulated monopolies such as electric utilities from while allowing prices in the level that would ensure them normal profits. At times, the government has extended economic control to other kinds of industries as well. In the years following the Great Depression, it devised a complex system to stabilize prices for agricultural goods, which tend to fluctuate wildly in response to rapidly changing supply and demand.
- Spirituality According to Paul: Imitating the Apostle of Christ.
- Economy of the United States?
- The Language of God in the Universe - An In Depth Study of the Divine Language of Allegory Found in the Milky Way, the Constellations, Planets, our Moon, ... Revealed Through His Creation Book 1).
- Womens Erotica: The Landscapers.
- .
- Treinta años de nada (Ensayo (almuzara)) (Spanish Edition).
- Fifty Shades of Grey Matter: This is My Brain on Aging!
A number of other industries—trucking and, later, airlines—successfully sought regulation themselves to limit what they considered as harmful price-cutting, a process called regulatory capture. Another form of economic regulation, antitrust law , seeks to strengthen market forces so that direct regulation is unnecessary. The government—and, sometimes, private parties—have used antitrust law to prohibit practices or mergers that would unduly limit competition.
Bank regulation in the United States is highly fragmented compared to other G10 countries where most countries have only one bank regulator. Since the s, government has also exercised control over private companies to achieve social goals, such as improving the public's health and safety or maintaining a healthy environment. For example, the Occupational Safety and Health Administration provides and enforces standards for workplace safety, and the United States Environmental Protection Agency provides standards and regulations to maintain air, water, and land resources.
Food and Drug Administration regulates what drugs may reach the market, and also provides standards of disclosure for food products. American attitudes about regulation changed substantially during the final three decades of the 20th century. Beginning in the s, policy makers grew increasingly convinced that economic regulation protected companies at the expense of consumers in industries such as airlines and trucking. At the same time, technological changes spawned new competitors in some industries, such as telecommunications, that once were considered natural monopolies.
Both developments led to a succession of laws easing regulation. While leaders of America's two most influential political parties generally favored economic deregulation during the s, s, and s, there was less agreement concerning regulations designed to achieve social goals. Social regulation had assumed growing importance in the years following the Depression and World War II, and again in the s and s. During the s, the government relaxed labor, consumer and environmental rules based on the idea that such regulation interfered with free enterprise , increased the costs of doing business, and thus contributed to inflation.
The response to such changes is mixed; many Americans continued to voice concerns about specific events or trends, prompting the government to issue new regulations in some areas, including environmental protection.
Will the Real Abi Saunders Please Stand Up?
Where legislative channels have been unresponsive, some citizens have turned to the courts to address social issues more quickly. For instance, in the s, individuals, and eventually the government itself, sued tobacco companies over the health risks of cigarette smoking. The Tobacco Master Settlement Agreement provided states with long-term payments to cover medical costs to treat smoking-related illnesses.
Between and , economic regulation in the United States saw the most rapid expansion since the early s. The number of new pages in the Federal Registry, a proxy for economic regulation, rose from 64, new pages in to 78, in new pages in , a record amount of regulation. Taxation in the United States is a complex system which may involve payment to at least four different levels of government and many methods of taxation.
Taxes are levied by the federal government , by the state governments , and often by local governments , which may include counties , municipalities, township , school districts , and other special-purpose districts , which include fire, utility, and transit districts. Forms of taxation include taxes on income , property , sales , imports, payroll, estates and gifts, as well as various fees. When taxation by all government levels taken into consideration, the total taxation as percentage of GDP was approximately a quarter of GDP in Although a federal wealth tax is prohibited by the United States Constitution unless the receipts are distributed to the States by their populations, state and local government property tax amount to a wealth tax on real estate , and because capital gains are taxed on nominal instead of inflation-adjusted profits, the capital gains tax amounts to a wealth tax on the inflation rate.
Each level of government provides many direct services. The federal government, for example, is responsible for national defense, research that often leads to the development of new products, conducts space exploration, and runs numerous programs designed to help workers develop workplace skills and find jobs including higher education. Government spending has a significant effect on local and regional economies—and on the overall pace of economic activity.
State governments , meanwhile, are responsible for the construction and maintenance of most highways. State, county, or city governments play the leading role in financing and operating public schools. Local governments are primarily responsible for police and fire protection. The welfare system in the United States began in the s, during the Great Depression, with the passage of the New Deal. The welfare system was later expanded in the s through Great Society legislation, which included Medicare , Medicaid , the Older Americans Act and federal education funding.
Major categories of FY spending included: Other revenue types included excise, estate and gift taxes. FY revenues were Tax revenues averaged approximately The federal budget deficit i. The budget deficit was 3. An aging country and healthcare inflation are other drivers of deficits and debt over the long-run. A central feature of the U. This is enhanced by relatively low levels of regulation and government involvement, [] as well as a court system that generally protects property rights and enforces contracts.
Today, the United States is home to From its emergence as an independent nation, the United States has encouraged science and innovation. In the early 20th century, the research developed through informal cooperation between U. The United States is rich in mineral resources and fertile farm soil, and it is fortunate to have a moderate climate. It also has extensive coastlines on both the Atlantic and Pacific Oceans, as well as on the Gulf of Mexico.
Rivers flow from far within the continent and the Great Lakes —five large, inland lakes along the U. These extensive waterways have helped shape the country's economic growth over the years and helped bind America's 50 individual states together in a single economic unit. The number of workers and, more importantly, their productivity help determine the health of the U. Consumer spending in the U.
Until shortly after World War I, most workers were immigrants from Europe, their immediate descendants, or African Americans who were mostly slaves taken from Africa, or their descendants. Beginning in the late 20th century, many Latin Americans immigrated, followed by large numbers of Asians after the removal of nation-origin based immigration quotas. Over 13 million people officially entered the United States during the s alone. Labor mobility has also been important to the capacity of the American economy to adapt to changing conditions. When immigrants flooded labor markets on the East Coast, many workers moved inland, often to farmland waiting to be tilled.
Similarly, economic opportunities in industrial, northern cities attracted black Americans from southern farms in the first half of the 20th century, in what was known as the Great Migration. In the United States, the corporation has emerged as an association of owners, known as stockholders, who form a business enterprise governed by a complex set of rules and customs.
Brought on by the process of mass production , corporations, such as General Electric , have been instrumental in shaping the United States. Through the stock market , American banks and investors have grown their economy by investing and withdrawing capital from profitable corporations. Today in the era of globalization , American investors and corporations have influence all over the world. The American government is also included among the major investors in the American economy. Government investments have been directed towards public works of scale such as from the Hoover Dam , military-industrial contracts, and the financial industry.
The United States has been a leader in technological innovation since the late 19th century and scientific research since the midth century. In , Alexander Graham Bell was awarded the first U. Thomas Edison 's laboratory developed the phonograph , the first long-lasting light bulb , and the first viable movie camera. Nikola Tesla pioneered the AC induction motor and high frequency power transmission used in radio.
In the early 20th century, the automobile companies of Ransom E. Olds and Henry Ford popularized the assembly line. The Wright brothers , in , made the first sustained and controlled heavier-than-air powered flight. American society highly emphasizes entrepreneurship and business. Entrepreneurship is the act of being an entrepreneur, which can be defined as "one who undertakes innovations , finance and business acumen in an effort to transform innovations into economic goods".
This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most obvious form of entrepreneurship refers to the process and engagement of starting new businesses referred to as startup companies ; however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. When entrepreneurship is describing activities within a firm or large organization it is referred to as intra-preneurship and may include corporate venturing, when large entities spin-off organizations.
According to Paul Reynolds, entrepreneurship scholar and creator of the Global Entrepreneurship Monitor , "by the time they reach their retirement years, half of all working men in the United States probably have a period of self-employment of one or more years; one in four may have engaged in self-employment for six or more years.
Participating in a new business creation is a common activity among U. Venture capital , as an industry, originated in the United States, which it still dominates. The Organisation for Economic Cooperation and Development estimates that venture capital investment in the United States had fully recovered by to pre-recession levels.
The National Venture Capital Association has reported that, in , venture capital investment in the life sciences was at its highest level since However, it was the software industry which invested in the greatest number of deals overall: Some new American businesses raise investments from angel investors venture capitalists. Americans are "venturesome consumers" who are unusually willing to try new products of all sorts, and to pester manufacturers to improve their products.
The biggest merger deal in U. Since acquisitions of U. Despite the recession, it was still at 2. The federal government is the primary funder of basic research, at Experimental development, on the other hand, is primarily funded by industry: Between and , the United States' world share of research expenditure receded slightly from Business enterprises contributed GERD in , down from The economic recession of — has had a lasting impact, however. Statistics released by the U. Census Bureau showed that, in , the number of business 'deaths' began overtaking the number of business 'births' and that the trend continued at least through From to , business research spending had followed a generally upward trajectory.
Companies in high-opportunity industries like health care cut back less than those in more mature industries, such as fossil fuels. Whether this continues will be contingent on the pursuit of economic recovery and growth, levels of federal research funding and the general business climate. The level of research spending varies considerably from one state to another. California is home to Silicon Valley, the name given to the area hosting the leading corporations and start-ups in information technology.
In much the same way, Route around Boston in the state of Massachusetts is not only home to numerous high-tech firms and corporations but also hosts the renowned Harvard University and Massachusetts Institute of Technology. New Mexico's high research intensity can be explained by the fact that it hosts the Los Alamos National Laboratory. Maryland's position may reflect the concentration of federally funded research institutions there.
Washington State has a high concentration of high-tech firms like Microsoft, Amazon and Boeing and the engineering functions of most automobile manufacturers are located in the state of Michigan. Congress usually renews a tax credit every few years.
In , four U. Several have figured in the Top 20 for at least ten years: Google was included in this table for the first time in The United States has lost its world leadership for high-tech goods. Even computing and communications equipment is now assembled in China and other emerging economies, with high-tech value-added components being produced elsewhere.
Until , the United States was a net exporter of pharmaceuticals but, since , it has become a net importer of these goods. The United States is a post-industrial country. Imports of high-tech products far exceed exports. However, the United States' technologically skilled workforce produces a large volume of patents and can still profit from the license or sale of these patents.
Interrogating Inequality (Cato Unbound Book 22007)
Within the United States' scientific industries active in research, 9. When it comes to trade in intellectual property, the United States remains unrivalled. In , the 20 largest U. In , eight of the world's ten largest companies by market capitalization were American: According to Fortune Global , the ten largest U. Half of the world's 20 largest semiconductor manufacturers by sales were American-origin in Most of the world's largest charitable foundations were founded by Americans.
American producers create nearly all of the world's highest-grossing films. Many of the world's best-selling music artists are based in the United States. Measured by value of its listed companies' securities , the New York Stock Exchange is more than three times larger than any other stock exchange in the world. With approximately 3, companies and corporations, it has more trading volume per hour than any other stock exchange. Because of the influential role that the U. In the long run, the U. Productivity shocks, however, play a small role in historical stock market fluctuations at all horizons in the U.
Over the same period, finance industry income as a proportion of GDP rose from 2. The mean earnings per employee hour in finance relative to all other sectors has closely mirrored the share of total U. In , there were about 12, U. A International Monetary Fund study concluded that the U. This article incorporates text from a free content work. To learn how to add open license text to Wikipedia articles, please see Wikipedia: Adding open license text to Wikipedia.
For information on reusing text from Wikipedia , please see the terms of use. From Wikipedia, the free encyclopedia. Population below poverty line. Petroleum steel motor vehicles aerospace telecommunications chemicals electronics food processing consumer goods lumber mining. Economic history of the United States. List of largest employers in the United States. Unemployment in the United States and List of U. Wealth billions in USD. Homeownership in the United States.
Poverty in the United States. Health care in the United States. The neutrality of this section is disputed. Relevant discussion may be found on the talk page. Please do not remove this message until conditions to do so are met. August Learn how and when to remove this template message. Parts of this article those related to uninsured statistics need to be updated. Please update this article to reflect recent events or newly available information. Health insurance coverage in the United States.
Health care prices in the United States. Economy of the United States by sector. Financial position of the United States. United States dollar and Federal Reserve System. Taxation in the United States. United States federal budget and United States public debt. United States federal budget. Demographics of the United States. Technological and industrial history of the United States. Forbes and Fortune List of largest companies by revenue. List of largest banks. Unemployment in the United States.
Foreign trade of the United States. United States public debt. Retrieved October 27, Retrieved October 9, Central Intelligence Agency World Factbook. Retrieved April 3, Bureau of Labor Statistics. Civilian labor force seasonally adjusted ". Retrieved July 5, Retrieved October 4, Retrieved 13 September Retrieved 1 March Department of the Treasury.
Retrieved 10 July Archived from the original on June 18, Retrieved August 20, Retrieved May 28, Retrieved March 2, Diplomatic Mission to Germany. Economy — How the U. Embassy Information Resource Center. Although Americans often disagree about exactly where to draw the line between their beliefs in both free enterprise and government management, the mixed economy they have developed has been remarkably successful.
Retrieved 29 December Accessed on 18 April Database updated on 12 April Accessed on 21 April Retrieved May 1, Retrieved August 24, Retrieved October 14, US Bureau of Economic Analysis. Retrieved June 18, Retrieved July 8, Neither Curse Nor Destiny , ed. Society at a Glance Retrieved May 29, Retrieved November 25, Archived from the original on Retrieved April 21, Manufacturing Remains World's Largest". Retrieved March 28, Number of companies data taken from the "Country" filter. Securities and Exchange Commission China. Retrieved September 13, A History of the Global Economy.
From to the Present. A Concise History of the United States. July 30, , Recessions and Depressions: Understanding Business Cycles , Praeger Publishers, pp. Income of nonfarm families and individuals " PDF. Retrieved April 22, Retrieved May 7, Retrieved December 8, He received his Ph. D in economics from the University of Michigan. Dean has written several books, his latest being Rigged: His other books include Getting Back to Full Employment: Recovering from the Bubble Economy PoliPoint Press about what caused -- and how to fix -- the current economic crisis.
In , he wrote Plunder and Blunder: The Rise and Fall of the Bubble Economy PoliPoint Press , which chronicled the growth and collapse of the stock and housing bubbles and explained how policy blunders and greed led to the catastrophic -- but completely predictable -- market meltdowns. His book Getting Prices Right: Sharpe was a winner of a Choice Book Award as one of the outstanding academic books of the year.
Dean previously worked as a senior economist at the Economic Policy Institute and an assistant professor at Bucknell University. He was the author of the weekly online commentary on economic reporting, the Economic Reporting Review ERR , from Are you an author? Help us improve our Author Pages by updating your bibliography and submitting a new or current image and biography.
Learn more at Author Central. Serious Arithmetic Problems at the Washington Post. Two commenters on my previous post on a NYT oped, which asserted that one-fifth of the federal budget went to farm subsidies pointed out the error can be partly attributed to a linked article in the Washington Post.
The actual figure is less than 0. That piece includes the sentence: The piece is an argument against farm subsidies, or at least their current form, which primarily benefit wealthy farmers. It covers ten years. More importantly, the vast majority of the money in the bill is not for farm subsid. The NYT ran a piece on China's economy implying that it is reeling from the tariffs that Donald Trump has imposed on imports from China.
The article outlined China's economic problems and then told readers that China's President Xi: We really appreciate it! Which is great for you, but it can make my job very difficult. Hickel Response on Degrowth. My last piece is here. I explained the reasons for this in my previous post.
There are two I focus on. Because growing the GDP means growing energy demand, and this makes the task of switching to renewable energy significantly more difficult nearly three times more difficult betw. The New York Times reported on an analysis of returns on the endowments of the Ivy League schools over the last decade. It found that all the schools' endowments lagged a portfolio that was 60 percent stock index funds and 40 percent bond funds. The gap with index funds would be even larger if the mix were 70 percent stock, 30 percent bonds. The Ivies invest heavily in hedge funds, which typically charge fees equal to 2 percent of the money invested plus 20 percent of returns over a.
Okay, that's not exactly what it said. While it is possible that Macron has taken these steps because he really does believe that this is the best way to boost economic g. Sorry, I misread that one. This is what he quoted my friend Steve Rose saying about the people who disagree with him on income stagnation. Yes, it's Monday and Robert Samuelson is once again trying to insist that everyone's income is rising just fine. The bizarre part of the story is that no one is really disagreeing on the facts, just how we talk about them. Before-tax income has been largely stagnant over the last four decades.
For families at the middle and bottom, there has been s. Going with Patent Holders Against Workers. This piece was originally posted on my Patreon page. Trump seems to have made the concerns of companies like Boeing, who want more help maintaining their control over technology, his top priority. The impact of an undervalued Chinese currency, which has led t. Will Degrowthing Save the Planet?