Important Economic Drivers of the Past Thirty Years
By Arnold Kling
In a previous post, I questioned the narrative that says that you can describe the past three decades of economic change as resulting from a wave of deregulation. Instead, here are a list of drivers that I think played a major role in shaping the way today’s economy differs from that of thirty years ago.
1. The personal computer’s evolution
2. The Internet’s evolution
3. The stratification of marriage, with college-educated people marrying one another and less educated women having children out of wedlock.
4. The fall of the Communism in Eastern Europe, and the rise of capitalism in India and China.
I cannot think of any U.S. government policies that have any significance in comparison to those developments. (Yes, I know that the Internet was started by the government, but its impact on the economy and society really took place when the private sector took it over).
Perhaps the same will hold true going forward. That is, the basic course of the economy will not be affected by government policy. That would be a comforting thought.