the-recession

We named the bar The Bar. "People will think we're ironic instead of creatively bankrupt," my sister reasoned.Yes, we thought we were being clever New Yorkers - that the name was a joke no one else would really get, like we did. Not meta-get ... But our first customer, a gray-haired woman in bifocals and a pink jogging suit, said, "I like the name. Like in Breakfast at Tiffany's and Audrey Hepburn's cat was named Cat.

The one plentiful herds of magazine writers would continue to be culled - by the Internet, by the recession, by the American public, who would rather watch TV or play video games or electronically inform friends that, like, 'rain sucks!' But there's no app for a bourbon buzz on a warm day in a cool, dark bar. The world will always want a drink.

If one sentence were to sum up the mechanism driving the Great Stagnation, it is this: Recent and current innovation is more geared to private goods than to public goods. That simple observation ties together the three major macroeconomic events of our time: growing income inequality, stagnant median income, and the financial crisis.