Here’s an example of a useful history lesson: Charles R. Morris’s op-ed in today’s New York Times points to the 1870s as a parallel for today’s economy, which shows a lot of strength by various yardsticks and yet has left so many Americans feeling glum.
If one counts only the size of houses and cars, and the numbers of electronic gadgets stuffed into rec rooms, Americans are probably better off than ever before. But as the 1870’s suggest, economic well-being doesn’t come just from piling up toys. An economy has psychological or, if you will, spiritual, dimensions. A conviction of fairness, a feeling of not being totally on one’s own, a sense of reasonable stability and predictability are all essential components of good economic performance. When they were missing in the 1870’s, in the midst of a boom, the populace was brought to the brink of revolt. |
(My bold-facing.)
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