Magazine May 20, 2019, Issue

Five Decades’ Stagnation or Two Decades’ Weak Growth

(Jonathan Ernst/Reuters)
Looking at the economy over the decades

Something feels off in the timing of our debate over the economy. A loss of faith in free markets, among intellectuals and the public alike, was only natural in the 1930s. But today? Intellectuals on the left and the right are more convinced than ever that our economic policies are deeply misguided, at the same moment that unemployment rates and wage growth are the best they have been in decades. When Americans answer polls, they express less and less confidence in free-market capitalism — even as they express more and more satisfaction about economic conditions.

Perhaps people are evaluating these questions

This article appears as “Timing Is Everything” in the May 20, 2019, print edition of National Review.

Ramesh Ponnuru is a senior editor for National Review, a columnist for Bloomberg Opinion, a visiting fellow at the American Enterprise Institute, and a senior fellow at the National Review Institute.

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In Defense of Markets

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The Week

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