Continued debate: patents vs. rewards

A big issue we talked about after my presentation was whether or not supplementing (and ultimately replacing) the pharmaceutical patent system with a reward system is politically feasible. I thought I would use this post to explain why I think now, more than any time previously, the pharmaceutical industry would be in favor of […]

Labor Force Participation Rates

The labor force participation rate is the percentage of people in the civilian noninstitutionalized (not in prison or the military) population, aged 16 and older, who are either working or actively seeking work. This rate has been gradually decreasing since the early 2000s, but appears be leveling off around 62.5% (Graph 1). There are two […]

What is the New Normal for U.S. Growth?

In his article, “What Is the New Normal for U.S. Growth,” John Fernald argues that the United States could plausibly see a decline in average GDP growth to a range of 1.5-1.75%, which is well below historic growth rates. He examines trends in demographics, education, and productivity to determine inputs into his calculation of […]