Many commentators are quite willing to entertain the hypothesis that there are significant problems with human capital in the U.S. But when discussion turns to the slow labor-market recovery following the Great Recession, all the blame is put on a weak monetary and fiscal response. Part of the reason they make this argument, of course, is that they want to preserve the case for the necessity of a vigorous response. It is past time to redress this intellectual imbalance and admit just how widespread the problems are with human capital—not just now but a decade ago.
Tyler Cowen is a Bloomberg Opinion columnist. He is a professor of economics at George Mason University and writes for the blog Marginal Revolution. His books include The Complacent Class: The Self-Defeating Quest for the American Dream.