Dec
26
2011
Devotions
Americans Have Devoted Greater Attention to Fields Not Brutally Material by Karen
The talk of the town is e-book The Great Stagnation, authored by Tyler Cowen. He points that till 1974 the economy of USA experienced awesome development by harvesting fruits that were within easy reach -all part of a mega technological revolution.
But the lower branches became bare. The economy began run on a low gear with everything running slow; technological change too began to stagnate.
The impressive data compiled by Cowen can be interpreted in another way. It is not the stagnation in technology that is bringing about slowness but a change in values that is at the root. The post war period created a materialistic mind-set that has now been replaced with the people not equating quality of living with actual production of more wealth.
This means the breakthroughs in technology is producing happiness but with very little extra economic hurrying and scurrying.
The citizen born in eighties, say James, finds his identity not so much in massive accumulation of wealth but with universities having swank facilities like dorms and gyms. But these padded cushions have not led to increase in output in the field of education.
James is far more health conscious than say Sam before him born in the post-war period, and spends a lot on it. This will lead to a vibrant post retirement life. But surprisingly these investments have not had any impact either on productivity or longevity.
James finds income levels and living standards synonymous. But he does not equate wealth with life’s standards. The focus is more on the latter than the former. Some of his experiences have been rich and laced with meaningfulness but this has created new sets of problems.
Every second month new gizmos are entering the field – giving James a feeling that life is improving by the day. Since the line of distinction between wealth and living standards are confusing he begins to think he is rich but what is really happening is that his generation is living beyond their means; they think themselves to be richer than what they really are.
James is not allowing much opportunity to those down the ladder to come up as Sam did previously. Perhaps Sam was tougher but his frenetic materialism generated more jobs that accommodated many.
But James is worried that the people of China and elsewhere have a greater material drive that his generation lacks. Since the eighties Americans have devoted greater attention to fields not brutally material and neglected wealth production; the students of those years were taught to hunt more for meaning than money.
About the Author
Karen Anne, has been working on ForeclosureListings.com studying the foreclosures market, helping buyers on the finer points of Oregon City Foreclosures for Sale. Try to visit ForeclosureListings.com and find all related information about Foreclosure Listings.
The Devotions – Rip Van Winkle (Live)
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