Steve Hochstadt: If the US enters a long period of stagnation, our stark social inequalities may become less tolerable, as both the rise of the Tea Party and the Occupy Wall Street demonstrations already show. More egalitarian Japanese society may be better placed to deal with lack of growth.
Walter Moss: If consumer capitalism is indeed replaced by a new economic structure, many capitalist bricks may still be needed for any new construction. Whether we choose to attempt new building or just apply a little patching here or there is up to us.
Craig Williams: Libya actually has a special relationship to Californians and played an important role in our growth spurt during the 60’s and 70’s.
Steven Conn: For thirty years inflation has not been a serious threat to the American economy, yet politicians and pundits continually fret about it. The never-ending worry about inflation is like fighting the last war rather than the current one. What’s needed today is a war on unemployment and wage stagnation, not inflation.