Strong growth and falling prices

Allow me to modestly redefine the reemergence of a Goldilocks economy. It used to be not too hot and not too cold. But that was Wall Street, and I was guilty of it too, suggesting limits to growth that might cause inflation. But actually, my new Goldilocks definition is rapid economic growth combined with stable or even dis-inflating prices. That is the Phillips Curve is dead. There’s no tradeoff between growth and inflation. Or between jobs and inflation.

With Douglas Holtz-Eakin, Marc Sumerlin, Victoria Coates, Mike Sarraille, Rep. Byron Donalds, Rich Lowry, and Miranda Devine

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