Macroeconomics
Stabilizing the Economy, or Not
As noted in the previous chapter, “the economy” is really, in the case of the U.S., just a description of the trading relations among our 310 million people at any given moment. As one might imagine, when there is a constant tide of private-sector economic experimentation, and information about prospects and outcomes of those experiments is costly and dispersed, this description is unavoidably vague. At any moment, some people may be doing better and some not so well, and the economy is constantly in flux. What is more, there is some reason to doubt how effectively people in Washington, D.C., can ...
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