No More Nostalgia for the 1950s Economy

Nostalgia for the boom economic growth years of the 1950s and 1960s is misplaced. Americans of all classes have grown materially richer every decade since. The lower growth rates today are a function of the slower metabolism of large economies, not a sign that American capitalism is fundamentally broken. Higher rates of economic growth might be desirable, but whether or not they materialize, the stagnation discourse misrepresents the country's economic health. We will be better at solving unemployment and poverty by starting from the recognition that rising prosperity remains the norm of American economic life.

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