The rise of economic inequality over the past generation has become a hot-button issue. In this e-book Cato senior fellow Brink Lindsey offers a fresh new interpretation of the growing class divide along educational lines. The good news, he argues, is that modern economic growth has made us smarter. Growth breeds social complexity, complexity imposes increasingly heavy demands on our mental capabilities, and people respond by investing heavily in “human capital” — that is, valuable knowledge and skills. In recent decades, however, the connection between economic development and cognitive development has broken down for large segments of American society. The demand for human capital has continued to grow, but the supply has stalled. Lindsey explores the cultural roots of this problem and offers policy prescriptions for reviving broad-based human capital accumulation.
Featuring John Allison, President and CEO, Cato Institute; Rep. Kevin Brady (TX-8), Chairman, Joint Economic Committee; and Norbert Michel, Research Fellow in Financial Regulations, Heritage Foundation; moderated by James A. Dorn, Vice President for Monetary Studies and Senior Fellow, Cato Institute.
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In this issue of the Cato Journal, economists Geoffrey Black, D. Allen Dalton, Samia Islam, and Aaron Batteen offer one prominent example of allowing the market to work. Also in this issue, economists Jason E. Taylor and Jerry L. Taylor reexamine the relationship between marginal tax rates and U.S. growth, and Robert Krol looks at bias in CBO and OMB economic forecasts.
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The 2008-2009 financial crisis and Great Recession have vastly increased the power and scope of the Federal Reserve, and radically changed the financial landscape. This new ebook examines those changes and considers how the links between money, markets, and government may evolve in the future.