By R. Glenn Hubbard
During this e-book, a best Republican and Democratic economist clarify why Obama’s financial regulations are failing…and supply a common sense blueprint for re-igniting long term development and prosperity for all american citizens. They express tips to overhaul the tax procedure, bring up enterprise funding, lower govt spending, keep watch over entitlements, or even rebuild American production.
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Extra resources for Seeds of Destruction: Why the Path to Economic Ruin Runs Through Washington, and How to Reclaim American Prosperity
Sample text
Of course, when a country such as the United States imports more than it exports, it is running a trade deficit, and its net exports are negative in the GDP Growth Driver equation. 1. Although America kept its trade balance at close to even throughout much of the postwar period leading up to 2000, it has run significantly larger trade deficits since the beginning of the nought decade. By the simple arithmetic of the GDP growth equation—and like a crooked college hoopster—these negative 25 SEEDS OF DESTRUCTION net exports shave critical growth points off America’s economic growth rate.
To produce, economies must invest in physical productive capital such as machines, computers, and tools. However, as economists such as Sir Roy Harrod and Evsey Domar have observed, sustained investment in productive capital requires savings. Indeed, one of the ironclad laws of economics is that over time, saving must equal investment. Of course, the policy challenge for any nation is to balance its consumption with its investment needs. If a nation saves too little, it grows too slowly. If it saves too much, its current generations must sacrifice too much consumption in order to provide robust growth over time for future generations.
In centrally planned economies, the executives in charge of running the businesses are government employees, not entrepreneurs. Their pay depends merely on producing the quantity of output specified in the government’s economic plan rather than, like entrepreneurs, discovering new, better, and lower-cost ways to produce goods. The result for the Soviet Union would eventually be Solow’s stagnant growth trap—and the Communist empire collapsed. Ultimately, what the Soviet central planners failed to understand is that economic growth depends more on technological change than on increases in capital per hour and that the innovation necessary for rapid technological change cannot take place in an entrepreneurial vacuum.