Is a ‘Great Reset’ Underway in the Economy?
George Mason University Professor of Economics Tyler Cowan wrote this interesting piece about the state of the post-Great-Recession economy in today’s edition of The Upshot in The New York Times.
Cowan writes that the more sluggish aspects of the economic expansion – slow wage growth, low interest rates – could be indicative of a “Great Reset,” a phrase he borrowed from the economist Richard Florida. He writes about businesses and academic institutions that are phasing out highly paid jobs by attrition, and replacing those workers with people who make far less.
Young people, he writes, are bearing the burden of an economy that offers far fewer prospects for good wages.
He writes: “Perhaps the most crucial issue is whether economies will return to normal conditions of steady growth, or whether we are witnessing a fundamental transformation, unveiled in bits and pieces.”
Check out the piece here.