Since two years of zero interest rates, $800 billion in fiscal stimulus, and the bailout of any business remotely viewed as systemically important haven't resuscitated the dead economy, now the tonic suggested is optimism. American business owners and consumers need to quit getting their daubers down and keep the sunny side up.
George Mason professor of economics Tyler Cowen believes concern over the collective mood is not just for psychologists anymore. Optimism and pessimism are "very relevant to the difficulties that policy makers face: a deficit of optimism has much to do with why the United States economy remains stalled today," writes Professor Cowen in the New York Times.
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