Benjamin M. Friedman is the William Joseph Maier Professor of Political Economy at Harvard University. His most recent book is The Moral Consequences of Economic Growth (Knopf, 2005).
Benjamin M. Friedman
The No-Growth Trap
Without economic recovery there is no political consensus; without political consensus there is no economic recovery. If Washington fails to overcome its current stalemate, a long period of monetary stagnation and moral decline will set in.