Millions of Americans are back to work, and they have Janet Yellen to thank. When she began her four-year term as the first woman to lead the Federal Reserve in 2014, the unemployment rate was 6.7%. Today it's 4.1%, the lowest in 17 years.
Donald Trump won the presidency on the back of strong support from Republicans and a substantial margin among Independents. After the failure to repeal the Affordable Care Act, his status declined among Independents and, to a lesser extent, Republicans. Inside the White House, the hope was that a September pivot to tax reform would turn things around for the president. It did not happen immediately.
Economist Russ Roberts and Hoover Institution research fellow has released two new videos where he addresses some important issues and questions including whether America’s middle class is either stagnating economically or disappearing, how the American economy has been treating the middle class over the last 40 years, how wages and income should best be adjusted over time for the effects of inflation, how the increase in the number of retired Americans and changes in family structure have affected middle-income earnings, and whether all of the gains from economic growth have gone to the rich. Enjoy!
The finalists for the 14th annual Hayek Book Prize are: Machine, Platform, Crowd: Harnessing our Digital Future by Andrew McAfee and Erik Brynjolfsson (W. W. Norton & Company); India’s Long Road: The Search for Prosperity by Vijay Joshi (Oxford University Press); Europe’s Growth Challenge by Anders Aslund and Simeon Djankov (Oxford University Press); The High Cost of Good Intentions: A History of US Federal Entitlement Programs by John F. Cogan (Stanford University Press); Clashing over Commerce: A History of US Trade Policy by Douglas A. Irwin (University of Chicago Press).
The Working Group on Economic Policy brings together experts on economic and financial policy to study key developments in the U.S. and global economies, examine their interactions, and develop specific policy proposals.