Well, that was then, and many of the problems we face in our economy now relate to the changes in the stylized facts about the behavior of the economy: Every one of Kaldor’s stylized facts is no longer true, and unfortunately the changes are mostly in a direction that complicates the formulation of economic policy.
A particularly popular type of savings plan is the 401(k), which lets workers make pre-tax contributions to retirement accounts through payroll deduction. Twenty-five years ago 401(k) plans did not exist. Today they cover more than 40 million workers, take in $ billion in annual contributions, and hold assets worth more than $ trillion.