The Age of Oversupply: Good Argument Tough Sell

In The Age of Oversupply (Penguin Group, 2013), Daniel Alpert makes a compelling case that the United States and the world are stuck in a serious crisis of insufficient demand for the foreseeable future. According to Alpert, the result is likely to be a prolonged period of slow growth and high unemployment barring coordinated international efforts to counter the problem. Before giving the outline of Alpert's argument, let me get out my baseball bat to beat home a simple point. Standard economic ...