For more than 70 years, a strand of Keynesian thought has maintained that the cure for economic depressions is merely a matter of simple arithmetic. According to these Keynesians, the government need only increase spending by an amount equal to the ratio of the output gap to the fiscal...

Until about 1984, the U.S. monetary base typically grew at an accelerating rate. Since then, that acceleration has stopped. Modern evidence suggests that the Federal Reserve responds to political pressure. The authors present empirical evidence supporting the hypothesis that reduced monetary...

Over the course of the past decade, significant steps have been taken to empirically link indicators of resource scarcity to changes in economic growth. This paper extends this previous literature in two ways. First, rather than concentrating exclusively on energy, we focus on the technological...