I believe that the categorization of recent events as deviant, ultimately, will depend on what happens next. That is, if policy changes cause future economic performance to suffer, then the boom of the last generation may, regrettably, turn out to be more exceptional than the bust. The Stability Experiment That new policies are being implemented during a period of economic turmoil is no coincidence.
These new preferences reveal much about the type of economy to which policymakers aspire. And to be clear, the stability experiment appears well intended. It aspires to manage the economy with greater care and more expansive and effective regulation, as well as a larger and more persistent role for government action, and an increase in home bias in global commerce.