The Problem with Cosmopolitan Economics

The three crucial indicators that something is wrong in America are: a) declining home values; b) declining real wages; and c) the declining employment to population ratio. These indicators are the key measures of Main Street economic vitality, all of which have been trending downwards for the past decade, and all of which are conveniently hidden behind the stage play of macroeconomic indicators (i.e., inflation, growth, and unemployment) that purport to pinpoint the health and well-being of the US (and therefore, Main Street) economy. However, the Main Street economy does not revolve around the cosmopolitan economy. Rather, the cosmopolitan economy revolves around the Main Street economy, a fact that society at large seems to have forgotten in modern times.

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