Why is the American economy so great?
According to some economists, the answer is because it has always been great.
As the economist E.O. Wilson once wrote, “The American system of economic life has never been in decline or disorder.
It has always remained a remarkably successful system.”
That’s true even though a great many people, businesses, and government institutions around the world are failing.
In the 20th century, economists such as Irving Fisher, Kenneth Arrow, and Paul Samuelson believed that the system could be sustained, with no major disruptions, and that its stability was guaranteed.
In a world of unprecedented economic growth, the United States has been able to sustain an unusually robust economic system and an unusually strong middle class, and it has not been in trouble.
But now, more than 50 years later, it seems that the great American success story is at risk.
This is what we’ll discuss next week.