If one sentence were to sum up the mechanism driving the Great Stagnation, it is this: Recent and current innovation is more geared to private goods than to public goods. That simple observation ties together the three major macroeconomic events of our time: growing income inequality, stagnant median income, and the financial crisis.

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Tyler Cowen was a contemporary American economist. Tyler Cowen is an American economist, author, and public intellectual. He is the Holbert L. Read more on Wikipedia →

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