The Catch 22 Of Economics
It assumes that, absent mistakes and misdeeds, we might remain in a permanent paradise of powerful income and wealth growth. The reality, I think, is that the economy follows its own Catch-22: by taking prosperity for granted, people perversely subvert prosperity. The more we—business managers, investors, consumers—think that economic growth is guaranteed and that risk and uncertainty are receding, the more we act in ways that raise risk, magnify un-certainty and threaten economic growth....