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Policy or Regime Uncertainty: Recovery Aborted

April 29, 2013

Bill McNabb, CEO of the Vanguard Group, in today’s WSJ op ed Uncertainty Is the Enemy of Recovery discusses Vanguard’s estimate that policy uncertainty has created a $261 billion drag on the U.S. economy. While it is good to see policy uncertainty highlighted, the more relevant concept is Robert Higgs’s regime uncertainty as discussed in these Mises Dailies and Circle Bastiat posts:

Regime Uncertainty: Some Clarifications - Robert Higgs   - Mises Daily Nov   19, 2012 ... A business-hostile administration will provoke more   apprehension than a business-friendlier administration. Regime Uncertainty   and the Non-Recovery - Mises Economics Blog ... Dec   14, 2011 ... Robert Higgs introduced the concept of “regime   uncertainty”, government policies and actions that threaten property   rights, in his outstanding ... Malinvestment and Regime   Uncertainty - John P. Cochran - Mises ... Oct   29, 2012 ... Robert Higgs's concept of regime uncertainty has   caught on with businessmen and the press.


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