Uncertainty Is Not the Economic Problem

Clifford Asness, Wall St. JournalMany commentators blame our continuing economic woes on "uncertainty." They allege that recent and anticipated dramatic policy changes make business planning difficult, and that this is retarding growth and employment. This view is not wrong"”but our main problem is not the uncertainty surrounding new policies. It is the policies.Consider two uncertain situations. In the first, our business is waiting to find out the location decision for a customer's new industrial plant, so we know where to build our new supply facility. Until this is resolved, we will not...

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