What does a nation need in order to produce economic growth?

I'm not talking about this policy or that policy.

What is the deep structure that a nation needs?

John Cogan and Kevin Warsh on Uncommon Knowledge Now.

Welcome to Uncommon Knowledge. I'm Peter Robinson.

A fellow at the Hoover Institution and a member of the Stanford faculty,

John Cogan served during the Reagan administration at the Department of Labor

and in the Office of Management and the Budget.

His most recent book, A Study of the Federal Budget,

entitled The High Cost of Good Intentions.

By the way, I should note that although I just introduced that as a study of the federal budget

and it is that, it's also a thoroughly readable and engaging book.

A fellow at the Hoover Institution and again a member of the Stanford faculty, Kevin Warsh,

served from 2006 to 2011 as a member of the Federal Reserve Board of Governors.

Now John Cogan and Kevin Warsh have co-authored a study reinvigorating economic governance,

advancing a new framework for American prosperity.

John Cogan, Peter, welcome.

All right.

A brief overview of where we've been.

Beginning in the mid-1980s, the economy starts to grow,

briskly, and it does pretty well with a couple of brief recessions,

but it does pretty well for more or less a quarter of a century.

...