The Economic Puzzle of America

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Germany is an impressive country in terms of how things work, he says. Even countries that we think of as quite dysfunctional like France are actually very impressive,. Many go to the United States. And in so many ways, the country seems dysfunctional, right? The crime rate is way higher than it is in Japan or in Germany. But America's share of world GDP has stayed constant over 25 or 30 years.

Jason Furman is a professor of economics in the Economics Department at Harvard and at the Harvard Kennedy School. He also served as the chair of the Council of Economic Advisers under President Barack Obama.

In this week’s conversation, Yascha Mounk and Jason Furman discuss the causes of today’s persistent inflation in the US and whether it is likely to continue; how concerned we should be about the recent failures of mid-sized regional banks; and why America’s share of world GDP has remained resilient over the past decades even though it sometimes feels dysfunctional relative to other developed economies like Germany and Japan.

This transcript has been condensed and lightly edited for clarity.

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