Even the New York Times is now waking up, it would seem. More exactly perhaps, identifying the dilemma of the economic doldrums sweeping right across the advanced countries of the world. In a thorough going article, “We’re in a low-growth world. How did we get here?”, it even hints that it may supply a solution. But then, at the end, it doesn’t, with a penultimate sentence ” . . . there’s a lot we don’t know about the economic future”. You can’t get lamer than that!
The author has evidently not been reading this blog! Had he or she done so then it would have dawned that, once the average person is able to possess all the goods and enjoy all the services that only royalty could in times past, then there are no more status items to save and work hard for. The industrial revolution lost its oomph at around 1990.