Housing is backing off from its leadership role in the economy, but clearly something else is replacing it. The Fed has a little more to do and then they can rest on their oars.

You don't see the symptoms, and that's one of the puzzles of the moment.

Warmer than normal Januarys have a penchant for producing surprisingly strong payroll numbers.

To the extent that a Phillips curve exists, it's a moveable feast.

Leadership at the civic level is designed to be inclusive, but has difficulty being effective. In the private sector, leadership is based on meritocracy. Digital economy should be led by the private sector and the role of government should be to facilitate and support it. [On Strategies for Global Digital Economy]

We may have a strong economy today, but our prosperity and economic leadership will not last unless we respond boldly to a series of competitive challenges created by these realities.