W. Michael Cox is founding director of the O’Neil Center for Global Markets and Freedom at Southern Methodist University’s Cox School of Business. The focus of the O’Neil Center is the study of the impact of competitive market forces on freedom and prosperity in the global economy.
Dr. Cox is formerly Chief Economist and Senior Vice President of the Federal Reserve Bank of Dallas, where he served for 25 years advising the President on monetary and other economic policies. He holds the unique distinction of being the Federal Reserve System’s only Chief Economist in history.
Cox is widely published in the nation’s leading business press, Fed publications and academic journals. He is the author of numerous op ed articles for The Wall Street Journal, The New York Times, USA Today, Financial Times, and Investor’s Business Daily and his work has appeared in numerous major newspapers and magazines worldwide.
Dr. Cox has comprehensively documented the progress in America’s living standards and the mechanism which delivers it—free markets. He battles economic doomsayers in his book, Myths of Rich and Poor, nominated for a Pulitzer Prize. He has contributed to a number of public policy issues, and his research is frequently designated as required reading for Congress.
The media rely on Dr. Cox’s ability to make plain sense out of difficult economic issues. He is a frequent guest on national radio, television and Internet programs, including ABC’s John Stossel program, CNN, C-SPAN, Fox News, ReasonTV, Voice of America, National Public Radio and numerous talk radio programs. His YouTube video “Would You Give Up The Internet For 1 Million Dollars?” went viral in Europe and won some awards.
He is Past President of the Association of Private Enterprise Education, a CATO Institute Adjunct Scholar, Senior Scholar at the Fund for American Studies, Senior Fellow at the National Center for Policy Analysis, and a Distinguished Scholar of his undergraduate alma mater Hendrix College. His forty years of university teaching include Virginia Tech, the University of Rochester and Southern Methodist University.
Dr. Cox is President and CEO of W. Michael Cox and Associates, LLP, a Dallas-based private consulting group. He lives in Dallas with his wife Maria and daughter McKenna.
The U.S. economy today is showing two radically different faces. On one side, the statistics portray an economy that’s sluggish and gloomy, with GDP growing at just over 1 percent, wages stagnant and job creation slow. In contrast, the view from daily life is exciting and optimistic, with a constant flow of innovations transforming life as we know it. How can we resolve the conundrum and which view is right?
This presentation shows how America’s transformation to a knowledge and idea-based economy is changing everything we think we know. The bulk of U.S. production is becoming increasingly dominated by high fixed cost/low marginal cost industries—the Internet, computers, software, email, pharmaceuticals, smart products for consumers (smart phones and their apps, for example), smart tools in industry, and “network goods” such as package delivery, wireless service, airline transportation, and cable TV. In these industries, the price of goods falls as more consumers are served—a P and Q relationship that is fundamentally different from yesterday’s. The results are numerous, among them: higher concentration ratios in industry, above normal profitability for surviving firms, continual disruption in the marketplace, accelerated churn in our jobs, a falling cost of living and a boon in living standards for consumers … but a gross understatement of the true growth in America’s economy.
It’s popular today to portray America as a country in decline—past the hump in the rise and fall of nations. This presentation challenges the gloom and doom view of America and provides the evidence to prove that we’re still rising quickly upward.
In every dimension of our lives, we’re better off than ever before. Consumption and wealth are at their highest levels ever, we enjoy more leisure time and recreation than any generation in history, the variety and choice available to us is unprecedented, our working conditions are the best ever, and we’ve never been healthier, safer or more secure. We’re living in the best time ever, and progress will continue.
Come get a healthy dose of rational optimism, blow away the clouds and learn how to prepare yourself for even better days ahead. There’s a lot more opportunity to be lost by not planning for the good times ahead than by not hunkering down for decline.
America is in the tumultuous phase of the capitalist growth cycle, the same as has happened several times before as our nation transitioned from one Economic Age to another. Disruptive technologies (such as railroads, electricity, the microchip and the Internet) bring creative destruction where fortunes soar for many, but not for all. Those left outside the “winning circle” become disenchanted with the capitalist process and seek protection from change.
It happened in the 1890s, the 1930s, the 1970s, and it’s happening again today as America moves from the Information Age to the Imagination Age.
Despite all the rancorous politics and media outrage of today, capitalism is still marching onward to transform the U.S. economy and deliver a truly fantastic world for future generations. Indeed, the next big thing to drive the economy is already here. Expect “the roaring twenties.”
Learn about today’s Age Shift—and how to be successful in it—in Dr. Cox’s optimistic portrayal of a nation once again transforming itself for greatness.
"I was introduced to Dr. Cox 2 years ago and after our discussions about business and life I decided to hire him to speak at several of my large events. Fast forward 2 years later, I am one of our company leaders in sales of a product that the industry said would never take hold. Dr. Cox has a way of taking a very complex topic and brings it from Wall Street to Main Street. The discussions and interest that were generated from my audience was like no other Presenter I have had in my 20 years of wholesaling. Dr. Cox is also very good at follow up with my Reps that reached out to him after my meetings. If you are considering hiring Dr. Cox for one of your events, you will not be disappointed. He will be part of my business for years to come. Dr. Cox always told me to invest in my business and my investment in hiring him has led to amazing success. Good luck and good selling."
"Thanks a million for an outstanding presentation. We’ve had many other international speakers but in the two days since your presentation we have already received more positive comments from your presentation than any of the others. Thanks for helping us hit a homerun."
KEYWORDS: Free Market Economist, Macro Economist, Economic Policy, Economic Forecast, Policy Analysis, Innovation, Economy, Economic issues, Technological change, Federal Reserve Bank, Professor, Macro economics, Federal Reserve Bank Chief Economist