Back in 2010, and amid a particularly difficult stretch for the economy, a conservative economist teamed up with lefty economist Dean Baker in support of what they referred to as “work sharing.” As the duo put it at the time, “Under a work-sharing program, firms are encouraged by government policy to spread a small amount of the pain across many workers. In a typical arrangement, a worker might see his weekly hours go down by 20%, and his salary go down by about 4%.”

The great investor and writer Andy Kessler frequently points out that the failure rate among Silicon Valley start-ups is 90 percent. Every member of the economics profession would be wise to memorize the previous figure, and repeat it daily. If so, economists might come closer to understanding why they’re mystified by what they deem slow economic growth. And mystified they are. So much so that they’ve apparently given up.

Well finally we are getting that “Summer of recovery.” The July jobs report was a blockbuster — solid job gains across the economy, lowest unemployment rate in more than a decade, and a nice bump up in wages.