Edward CastronovaInteresting essay today by Robert Samuelson, a respected nonpartisan economist. He argues that our expectations are out of whack. During the 20th century, it was normal for an economy to grow, on average, several percent per year in real terms. This meant that when a crash came, it was followed by an energetic recovery. In the future, says Samuelson, we may have to get used to a zero-growth environment, and when recessions come, we may have to tone down our expectations of the recovery. It will just OK, just enough to get us back to zero. As evidence, Samuelson cites...


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