"The problem with socialism is you eventually run out of other people's money" - Margaret Thatcher
"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design" - F.A. Hayek
Made a trip yesterday with four students to the CATO Institute for a conference on "The Future of US Economic Growth". Some people said it doesn't look good. Others said people have said that for years, and the future looks bright. All agreed we don't have a clue on being able to reliably forecast it.
One high value statistic was the fact that in 1960 1 in 20 prime aged males between 25-54 were out of the labor force. Today it is 17% and rapidly approaching 1 in 5. If they are not in the labor force, then what are they doing?
I am a Professor of Economics at East Carolina University in Greenville, NC.
My research focuses on macroeconomics and economic history in general and the economics of the Great Depression in particular. I have authored two books, Reflections on the Great Depression and The Economics of the Great Depression: A Twenty-First Century Look Back at the Economics of the Interwar Era and edited The Seminal Works of the Great Depression. I am currently working on my fourth book Interwar Historical Antecedents of Modern Inflation Targeting and I am the co-editor (with Robert Whaples) of The Handbook of Major Events in Economic History and The Handbook of Modern Economic History.
I have also traveled the country giving speeches on the state of the macroeconomy and other economic issues to many trade and business associations. When I am not thinking about the economy I am either chasing ducks, handicapping horses or arranging a fine dining experience.
Lastly, the opinions expressed on this blog are mine alone and do not reflect upon East Carolina University in any way or manner, in whole or in part, now and forever more under the canopy of heaven.