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Is the nation's infrastructure really in such bad shape? Should we be spending more on the Internet and less on interstates? And what of competing needs—health care, education, wars?

What Do We Know (And Not Know) About Potential Output?

Policymakers often use a one-sector neoclassical model to think about long-run growth, and they often assume that potential output is a smooth series in the short run—approximated by a medium- or long-run estimate. But in both the short and the long run, the one-sector model falls short empirically, reflecting the importance of rapid technological change in producing investment goods.

Innovation: What Can It Do for Your Community?

The ability to innovate may be the key to survival for many communities and organizations when the economy takes a downturn. With that in mind, the Federal Reserve Bank of St. Louis made "Innovation in Changing Times" the theme for its 2009 Exploring Innovation: A Conference on Community Development.

Fair-Value Accounting: Don't Shoot the Messenger!

Fair-value accounting (FVA) is neither perfect nor pernicious in its own right. There are many difficult conceptual and practical issues surrounding FVA that remain to be resolved. In the meantime, all concerned parties should learn more about FVA and work toward a more effective implementation. Fair-value accounting is just the messenger and it wouldn't be wise to "shoot it down" just because the message it is bringing today is unpleasant.

Which Came First—Democracy or Growth?

In today's world, most rich countries are democratic, and most dictatorships are poor. In the United States, democracy goes hand in hand with political institutions that promote economic freedom. Although most economists agree that economic freedom promotes growth, it is not clear that more political freedom improves economic performance.

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