This is a terrific short video on why the Great Moderation and the underlying restructuring of the economy during that period, wasn’t all it was cracked up to be. Economists celebrated the appearance of more stable growth, when in fact, the condition of the patient was deteriorating.

I won’t spoil it by telling you where it is, but there is a key visual in this presentation that all by itself is reason for viewing.

I hope you’ll circulate this widely, since it’s accessible and compelling. Hat tip Lars P. Syll.