The Economy Is Far Too Simple for Economists to Understand #47,654

The Wall Street Journal noted that this recovery is about to pass the average duration for post-war recoveries with no recession clouds on the horizon. The piece also noted the weakness of the recovery and that the unemployment rate is higher now than at the same point in any prior post-war recovery. This weakness is treated as a source of mystery.

Of course arithmetic fans have no difficulty explaining the weakness. In the last business cycle the economy was being driven by the housing bubbl...