Decades ago, the economist Arthur Okun – chairman of the Council of Economic Advisers under Lyndon Johnson – advocated what he called a “high-pressure economy”.
He meant one in which expansionary policies could create higher than average gross domestic product growth coupled with low unemployment, resulting in not only a strong economy, but also disproportionate job gains for more vulnerable groups.
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Financial Times
Rana Foroohar is a global business columnist and an associate editor at the Financial Times, based in New York. She is also CNN’s global economic analyst.
