With a strong recovery from the global crisis, the Philippines' policy focus will shift again to a long-term development agenda. Despite favorable initial conditions, the Philippines' long-term growth performance has been disappointing. Over the decades, the economy has suffered from high...

To Myrdal, the most salient and historically unique characteristic of modern America is that the upper two-thirds of the population live in affluence of a kind which can potentially lead to satisfaction of long-held liberal and even Utopian ideals.

In modern economies, sharp increases in unemployment from major adverse shocks result in long periods of abnormal unemployment and low output. This chapter investigates the processes that account for these persistent slumps. The data are from the economy of the United States, and the discussion...