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Peter Morici: The future is so promising: save us from the dismal science!

The U.S. economy has been on a tear of late — gross domestic product growth averaging nearly 3% and the stock market reaching record highs. Yet at the recent annual meetings of the American Economic Association, the consensus was that growth may continue elevated through 2018 but then slip back to not much better than 2%.

The dismal science remains fixated on the slow growth in the labor force and productivity of recent years and behaves as if those are baked into the cake for all eternity.

Taking a less-doctrinaire view, reasons abound for optimism. Many of the constraints on growth that dogged policy makers in recent decades appear to be receding.

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