AFTER Donald Trump won the presidential election, Americans' optimism about the economic future soared. But midway through the year, that optimism has not translated into concrete economic gains.
This seeming contradiction exposes a reality about the role of psychology in economics - or more specifically, how psychology is connected only loosely to actual growth. It will take more than feelings to fix the sluggishness that has been evident in the United States and other major economies for years. Confidence isn't some magic elixir for the economy: Businesses will hire and invest only when they see concrete evidence of demand for their products, and consumers intensify their spending only when...
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