During the Clinton and Bush administrations the US economy has performed better than the other major OECD countries, widening again the GDP gap that had narrowed during previous decades. However, this outcome has been achieved at the price of large imbalances: the federal government position has...

The instability of the world financial system, starkly revealed in the recent debacle, is not the only problem it poses. The secularly increasing dominance of that financial system over the real economy is in itself a phenomenon that needs examining. The paper traces the source of this...

Good economic performance is usually taken to mean high growthrates, cutting-edge competitiveness, regardless of distributional consequences. Call that EP 1. I argue that a better policy objective is EP2 - achieving a fast enough growth of productivity, combined with a distribution of the...