Edward Conard

Top Ten New York Times Bestselling Author

  • “Unintended Consequences offers deep and well-argued analyses on almost every issue.” - The New York Times
  • “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
  • “Unintended Consequences represents the most cogent and persuasive analysis of the Financial Crisis to date.” - Andrei Shleifer, 1999 John Bates Clark Medal Winner
  • “…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
  • “…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
  • “A full-throated defense of economic dynamism.” - The Wall Street Journal
  • “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “Unintended Consequences is full of substance, it is one of the must-read books of the year, and once I finish it I will be giving it a second read through right away.” - Tyler Cowen, Professor, George Mason University
  • “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
  • “…a very valuable contribution.” - Larry Summers, former Secretary of the Treasury and director of the National Economic Council, president emeritus, Harvard University
  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
Upside of Inequality Oxford Unintended Consequences

AI Summary. Productivity growth means producing more output from the same or fewer inputs, driven by factors such as technological advances, better equipment, improved skills, and more efficient processes. The American Enterprise Institute recommends stepping up investment in human capital, noting the US ranks mid-pack among wealthy countries in public education spending and math and science scores despite near-top per capita income.

James Pethokoukis American Enterprise Institute
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US nonfarm business sector real output per hour grew at a 1.5% annual rate from Q4 2019 to Q1 2024, well under the 2.1% average from 1947-2024. @JimPethokoukis recommends that politicians “substantially step up investments in human capital.”

How can policymakers raise productivity growth?

Core argument: Steven Kamin of AEI notes that the United States ranks near the top of the OECD in per capita income but in the middle of the pack on public spending on education and on math and science test scores.

Productivity growth occurs when an economy can generate more output from the same amount of inputs, more from fewer inputs, or even the same output from fewer inputs. In other words, an economy becomes more productive when a worker can produce more output in the same amount of time due to factors such as technological advancements, better equipment, improved skills, or more efficient processes. Steven Kamin, an AEI senior fellow and former economist at the Federal Reserve [recommends] “substantially step up investments in human capital. Ultimately, our ability to compete and thrive in a global knowledge economy will depend on the training, intelligence, and creativity of our workforce. But even though the United States ranks near the top of the OECD in per capita income, it ranks very much in the middle of the pack when it comes to public spending on education as well as test scores in math and science.”

Takeaways by Macro Roundup® AI

  1. Steven Kamin of AEI notes that the United States ranks near the top of the OECD in per capita income but in the middle of the pack on public spending on education and on math and science test scores.
  2. Steven Kamin, a former Federal Reserve economist, recommends substantially stepping up investments in human capital, arguing that the ability to compete in a global knowledge economy depends on the training, intelligence, and creativity of the workforce.
  3. Productivity growth occurs when an economy generates more output from the same inputs, more from fewer inputs, or the same output from fewer inputs, through factors such as technological advancements, better equipment, improved skills, or more efficient processes.

Related Articles:

  • The Outlook for Long-Term Economic Growth — Growth theory holds that long-run growth in living standards is determined by growth in the worldwide number of people searching for ideas, and growth accounting for the US suggests temporary boosts from rising educational attainment and idea investment could fade. Potential offsets include China and India, better talent allocation, and artificial intelligence.
  • High Tech Business Entry In The Pandemic Era — High-tech industries accounted for a disproportionate share of the surge in net new business establishments after 2019, with net entry higher in tech than non-tech industries. The authors find suggestive evidence that tech establishment births rose more for existing firms than new firms, though both categories saw elevated openings.
  • Labor Productivity Is Popping — Labor productivity, measured as output per hour worked, rose 0.8% quarter over quarter and 2.7% year over year, compared with average paces of 0.3% and 1.3% in the decade before the pandemic. Productivity growth is volatile and can turn negative even outside recessions.
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