Fiscal Policy

Fiscal Policy Hasn’t Been In Vogue Since 1953

<h2>The Other Fiscal Cliff Resides In a Chart</h2> <p>While running some queries on Google's Ngram Viewer, a phrase-usage graphing tool searching over 5.2 million books in Google's digital library, I came across a rather startling trend. When comparing the use of the terms "monetary policy" and "fiscal policy" I discovered that discussion of fiscal policy in the literature has been falling since about 1953, while the discussion of monetary policy has been rising substantially (see chart below). The last time fiscal policy was a substantial topic in literature was during WWII and it has been falling dramatically since the end of the Cold War in 1989. Coincidence or design? What has caused this shift? Is it a cause or symptom of our current high dependence on monetary policy?</p> <p><iframe name="ngram_chart" src="https://books.google.com/ngrams/interactive_chart?content=monetary+policy%2C+fiscal+policy&year_start=1800&year_end=2000&corpus=15&smoothing=1&share=&direct_url=t1%3B%2Cmonetary%20policy%3B%2Cc0%3B.t1%3B%2Cfiscal%20policy%3B%2Cc0" height="378" width="678" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe></p> <p><em>Dr. Holly A. Bell is an Associate Professor teaching business and economics at the Mat-Su College

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WSJ: You Call That Innovation?

<p id="article_pagination_top">By <a href="http://online.wsj.com/search/term.html?KEYWORDS=LESLIE+KWOH&bylinesearch=true">LESLIE KWOH</a></p> <h2>Got innovation? Just about every company says it does.</h2> <div> <div id="articlevideo_1"> <div data-dj-live-widget="video.MicroPlayer" data-video-size="D" data-guid="{F9AEE14B-626B-4606-AAD4-F020EF18BFBC}" data-video-info="{"relatedLinkHref":"","unixCreationDate":1337783467,"subjects":["General"],"video1264kMP4Url":"http://m.wsj.net/video/20120523/052312digitsinnovate1/052312digitsinnovate1_v2_ec1264k.mp4","mw-packages":"","wsj-subsection":"","video1564kMP4Url":"","video264kMP4Url":"http://m.wsj.net/video/20120523/052312digitsinnovate1/052312digitsinnovate1_v2_ec264k.mp4","brightcoveID":"","video1064kMP4Url":"","videoBestQualityMP4Url":"http://m.wsj.net/video/20120523/052312digitsinnovate1/052312digitsinnovate1_v2_ec2564k.mp4","rssURL":"http://feeds.wsjonline.com/wsj/video/tech/feed","description":"Companies throw the term "innovation" around but that doesn't mean they are actually changing anything monumental. Leslie Kwoh reports on digits. Photo: Getty Images.","videoMP4List":[{"height":720,"fps":29.97,"width":1280,"bitrate":2564,"url":"http://m.wsj.net/video/20120523/052312digitsinnovate1/052312digitsinnovate1_v2_ec2564k.mp4","profile":"Main"},{"height":540,"fps":29.97,"width":960,"bitrate":1864,"url":"http://m.wsj.net/video/20120523/052312digitsinnovate1/052312digitsinnovate1_v2_ec1864k.mp4","profile":"Main"},{"height":360,"fps":29.97,"width":640,"bitrate":1264,"url":"http://m.wsj.net/video/20120523/052312digitsinnovate1/052312digitsinnovate1_v2_ec1264k.mp4","profile":"Main"},{"height":360,"fps":29.97,"width":640,"bitrate":664,"url":"http://m.wsj.net/video/20120523/052312digitsinnovate1/052312digitsinnovate1_v2_ec664k.mp4","profile":"Baseline"},{"height":234,"fps":29.97,"width":416,"bitrate":464,"url":"http://m.wsj.net/video/20120523/052312digitsinnovate1/052312digitsinnovate1_v2_ec464k.mp4","profile":"Baseline"},{"height":234,"fps":15,"width":416,"bitrate":264,"url":"http://m.wsj.net/video/20120523/052312digitsinnovate1/052312digitsinnovate1_v2_ec264k.mp4","profile":"Baseline"},{"height":234,"fps":10,"width":416,"bitrate":174,"url":"http://m.wsj.net/video/20120523/052312digitsinnovate1/052312digitsinnovate1_v2_ec174k.mp4","profile":"Baseline"}],"unixLastModifiedDate":1337784789,"docID":"1076799388","linkRelativeURL":"/video/innovation-starts-to-lose-meaning/F9AEE14B-626B-4606-AAD4-F020EF18BFBC","videoURL":"rtmp://cp49988.edgefcs.net/ondemand/74940/video/20120523/052312digitsinnovate1/052312digitsinnovate1.flv","thumbnailURL":"http://m.wsj.net/video/20120523/052312digitsinnovate1/052312digitsinnovate1_167x94.jpg","relatedLinkText":"","wsj-packages":"","keywords":["innovation","technology","buzzwords","companies","products"],"videoStillURL":"http://m.wsj.net/video/20120523/052312digitsinnovate1/052312digitsinnovate1_512x288.jpg","sm-section":"","video464kMP4Url":"http://m.wsj.net/video/20120523/052312digitsinnovate1/052312digitsinnovate1_v2_ec464k.mp4","showNameId":"","titletag":"'Innovation' Starts to Lose Meaning","editor":"rtaliafeero","column":"Clip from Digits","factiva-subject-codes":["GSCI"],"adZone":"tech_video","factiva-industry-codes":["i3302","iint","imed","i330202"],"bwcconf-package":"","catastrophic":"0","mw-channel":"Industries","video664kMP4Url":"http://m.wsj.net/video/20120523/052312digitsinnovate1/052312digitsinnovate1_v2_ec664k.mp4","emailURL":"http://www.emailthis.clickability.com/et/emailThis?clickMap=create&fb=Y&[email protected]_LINK_URL&[email protected]_TITLE&[email protected]_NUMBER&[email protected]_PARTNER_ID&[email protected]_STILL_URL&expire=&[email protected]_DESCRIPTION","regions":["US"],"allthingsd-section":"Voices","id":"{F9AEE14B-626B-4606-AAD4-F020EF18BFBC}","author":"rtaliafeero","bwc-package":"","adCategory":"","showName":"","vbCreationDate":41052.6049421296,"tickers":"","allthingsd-subsection":"","factiva-subjects":["Science/Technology"],"name":"'Innovation' Starts to Lose Meaning","thumbnail16x9StillURL":"http://m.wsj.net/video/20120523/052312digitsinnovate1/052312digitsinnovate1_16x9still.jpg","video1500kMP4Url":"http://m.wsj.net/video/20120523/052312digitsinnovate1/052312digitsinnovate1_1500k.mp4","thumbnailURLSmall":"http://m.wsj.net/video/20120523/052312digitsinnovate1/052312digitsinnovate1_115x65.jpg","video1864kMP4Url":"http://m.wsj.net/video/20120523/052312digitsinnovate1/052312digitsinnovate1_v2_ec1864k.mp4","vbLastModifiedDate":41052.6202430556,"youtubeID":"","sm-subsection":"","chapterTimes":"","wsj-section":"Tech","formattedCreationDate":"5/23/2012 2:31:07 PM","provider":"WSJ.com","factiva-region-codes":["USA"],"video174kMP4Url":"http://m.wsj.net/video/20120523/052312digitsinnovate1/052312digitsinnovate1_v2_ec174k.mp4","hls":"http://wsjvod-i.akamaihd.net/i/video/20120523/052312digitsinnovate1/052312digitsinnovate1_,320,k.mp4.csmil/master.m3u8","video2564kMP4Url":"http://m.wsj.net/video/20120523/052312digitsinnovate1/052312digitsinnovate1_v2_ec2564k.mp4","guid":"F9AEE14B-626B-4606-AAD4-F020EF18BFBC","video128kMP4Url":"http://m.wsj.net/video/20120523/052312digitsinnovate1/052312digitsinnovate1_128k.mp4","duration":"183","formattedLastModifiedDate":"5/23/2012 2:53:09 PM","doctypeID":"115","industries":["Computer Hardware","Computer Software","Software","Internet Hardware","Internet Software","Internet","Media"],"linkURL":"http://online.wsj.com/video/innovation-starts-to-lose-meaning/F9AEE14B-626B-4606-AAD4-F020EF18BFBC.html","factiva-regions":["United States"],"factiva-industries":["Computers/Electronics","Internet/Online Services","Media","Software"],"video320kMP4Url":"http://m.wsj.net/video/20120523/052312digitsinnovate1/052312digitsinnovate1_320k.mp4","mw-subchannel":"Industries|Tech"}"><a href="http://online.wsj.com/article/SB10001424052702304791704577418250902309914.html?mod=WSJ_hps_sections_careerjournal#"> <img src="http://m.wsj.net/video/20120523/052312digitsinnovate1/052312digitsinnovate1_512x288.jpg" alt="" width="272" height="153" /> </a></div> Photo: Getty Images. Companies throw the term "<b>innovation</b>" around but that doesn't mean they are actually changing anything monumental. Leslie Kwoh reports on digits. </div> </div> Businesses throw around the term to show they're on the cutting edge of everything from technology and medicine to snacks and cosmetics. Companies are touting chief <i>innovation</i> officers, <u>innovation</u> teams, innovation strategies and even innovation days. But that doesn't mean the companies are actually doing any innovating. Instead they are using the word to convey monumental change when the progress they're

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