You don’t need a PhD in economics or a a fancy DSGE model (Dynamic Stochastic General Equilibrium) to know that something about the American economy changed drastically after the mid-1990s. You can actually see it with your naked eye in the chart below.
The short story is that once the Fed-fueled tech boom of the 1990s ran our of gas with the dotcom bust in the spring of 2000, industrial production in the US got splayed on the flat-line. And that was a dramatic change from prior history.
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