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Andrew Smithers

Andrew Smithers is the founder of Smithers & Co. and was previously the head of S. G. Warburg & Co.’s asset management business (now part of BlackRock). His most recent book is Productivity and the Bonus Culture (Oxford University Press, 2019).
Articles by Andrew Smithers

The Rise of Carry and Macroeconomic Risk

For most of the twentieth century, the neoclassical synthesis in economics was generally believed to provide a solid basis for public policy. There were, nonetheless, significant dissenters. Hyman Minsky, for instance, wrote that “modern orthodox economics is not and cannot be a basis for a serious approach to economic policy…

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Savings Glut or Investment Dearth: Rethinking Monetary Policy

Unasked questions are unanswered ones, and a virtue of Stephanie Kelton’s The Deficit Myth is that it forces attention on why governments ever go to the expense of issuing bonds in the first place. Her critique of the weaknesses of conventional economic policy should receive wide acceptance. Things become more complicated, however…

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Investment, Productivity, and the Bonus Culture

Weak growth is far and away the most important economic problem facing the United States. This problem is not simply the result of the financial crisis or the severe recession that followed; the period of low growth began in 2000. Rather, it is the result of a much earlier reduction in business investment. While short–term…

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