George Will’s thought-provoking piece is worth reading:
“The Great
Enrichment is McCloskey’s term for what, in a sense, started with steam and has
been, she believes, the most important human development since the invention of
agriculture 10,000 years ago. The development is the explosion of economic
growth that began around 1800 and has, especially since reaching China and
India, lifted billions of people from poverty. Today, however, the Great
Enrichment might be running out of steam in the United States, which for two
centuries has given propulsive energy to it.
In 1800, McCloskey
says, the world’s economy was where Bangladesh’s economy now is, with no
expectation of change. Today, most of the jobs that existed just a century ago
are gone. And we are delighted that this protracted disruption occurred. Now,
however, the Great Enrichment is being superseded by the Great Flinch, a recoil
against the frictions and uncertainties — the permanent revolution — of
economic dynamism. If this continues, the consequences, from increased
distributional conflicts to decreased social mobility, are going to be
unpleasant.”Related:
Young Men Are Playing Video Games Instead of Getting Jobs. That's OK. (For Now.)
http://reason.com/archives/2017/06/13/young-men-are-playing-video-ga
Rise of the Rentier Class
https://www.project-syndicate.org/commentary/rise-of-global-rentier-capitalism-by-stephanie-blankenburg-2-and-richard-kozul-wright-2017-09