Baumal’s Disease (very important, so please read)
As pointed out in Pearlstein’s Washington PostP article of 10/7/12, economists Baumol and Bowen, back in the 1960s, foresaw the situation we see in the US (and also in the UK and Europe) in the early part of the 21st century. Over the last 50 years there have been huge productivity gains in agriculture and …
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