Wednesday, February 12, 2014

What has caused our econmic crisis?

Edmund Phelps, awarded the Nobel Prize in Economics in 2006, observes in his new book Mass Flourishing, that the prosperity that had come from our new economy starting in about 1840 came to a rapid in in the early 1970s.

There was a loss of the vitalism and dynamism that had driven that prosperity. What caused the loss?  This nGram analysis, the frequency of words used as determined by a review of Google Books, sheds some light:

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