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Chapter 7

Chapter 7 readings notes

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7.1 PROSPERITY We dont know the reason for the downfall of the magic economy in US in 1970s Real political success comes from appealing to the interests that people currently perceive and from finding ways to redefine their perceived interests 1980s concervatives defined vision of what was wrong with US Big government, expensive taxes Politics on the grand scale is not about interests but ideas professors: academic economists Policy entrepreneurs write and speak only for broader audience Offer unambiguous diagnoses and easy answers Sell books to the public, appear on television Policy entrepreneurs can transform voters perception of their interests They are useful to politicians They look for support from professors technology pushing us into an age of ever greater dominance by giant corporations Role of giant corporations in US economy shrinking NOT rising for past 2 decades Kennedy used economics professors on his council and as advisors In the 1970s politicians relied more on policy entrepreneurs with the need to offer the public m solutions Productivity slowdown first blamed on rise in oil prices 3 main explanations of productivity slowdown: political, technological, social Technology: long-run economic growth affected by continuous technological progress This progress usually main source of productivity increase Technology at the time had reached its limits Productivity gre rapidly after WWII Most possibilities in existing science and technologies were fully explored, productivity growth off: exhaustion of ideas Takes long time before new technology makes major impact on productivity and living standard www.notesolution.com
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