BOOK REVIEW
Balance: The Economics of Great Powers from Ancient Rome to Modern America, Authors: Glenn Hubbard and Tim Kane.
By Glenn Hubbard and Tim Kane – Hard power. Soft power. Smart Power. Superpower. This is the language of foreign affairs, full of meaning but empty of measurement. Vagueness is, of course, purposeful in the hands of skilled diplomats and politicians, but it can signal shallowness, ignorance or worse. Lacking clear metrics for power, the U.S. national security establishment speculates about possible rivals while being led astray by trendy catchphrases.
The United States itself has a larger GDP and higher productivity than 10 years ago, but its long-term growth rate has slowed by half. That’s a reflection of internal imbalance – budget deficits, heavy taxes that hinder incentives to work and innovate, unfunded entitlements and more.
Existential threats hide in plain sight. If the United States wants to be a superpower for another century, it needs to focus on the barriers to economic growth within — not phantoms abroad. more> http://tinyurl.com/q8yjmvl


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