Marketplace Radio said it best today, discussing why everyone is having such a hard time explaining why the economy is unresponsive to stimulus. My comment:

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It was gratifying to hear you discuss our so very stubborn economic dilemma with your question for your guest, “You mean we still don’t know what we don’t know?” And getting the simple answer “Yes.”

I’ve known generally how and why the present dilemma would arise for over 30 years.   I’ve had a hard time telling you, though.  As many times as I try, you (and others) don’t respond with questions.   I hope the following helps. Continue reading The failing recovery: natural diminishing returns →