Our discussion on the New Normal and the Post-Financial Crisis centers chiefly around two major conceptual positions. The first is the New Normal label and its conceptual underpinnings and was developed by Mohamed El-Erian, CEO of America’s largest asset manager, PIMCO. The second conceptual position is drawn from Reinhart & Rogoff’s, This Time is Different. It is worth note that El-Erian put his concept together in 2008-2009 period and Reinhart and Rogoff in early 2010. They have been mostly right thus far into 2012. The article first appeared in January 2011 and has been edited and updated for this issue.
Assuming the reader has waded through our initial review of the New Normal, the obvious question on your lips as you start this review would be: So… if we are in this New Normal,” What Should We Do”? So what is to be done? This review will depressingly conclude that there is no instruction manual […]
Last week, in a well-reported address, New York Mayor Michael Bloomberg made an impassioned argument that stimulating innovation is an essential federal economic role around which Democrats and Republicans can and should find common ground. Bloomberg called innovation “capitalism’s most powerful force” and said “Unless we innovate, we cannot hope to succeed. And if we do innovate, there is no way we can fail.”