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Giampiero Campa's avatar

"How did we arrive at this place? ..."

all the factors you mention played a role, for sure. But I would add that the absence of a major war actually fought in the rich world, and the following lack of focused investments, disruptions, destructions and following reconstructions, also played a big part. Or to put it differently, world wars were maybe the biggest change-spurring events of last centuries. I also think that another big facilitator was that the median age was much lower back then.

"what reason is there to expect an end to the conservative consensus ..."

an additional destabilizing factor is that the low birth rate in the rich world is leading it to a place in which an ever shrinking working force will have to sustain an ever growing number of old people. I don't think this is a problem technically or even economically, but it seems to me that we might have to rely on the public sector playing a much stronger role (at a time in which a campaign to dismantle it is arguably making strides, at least in the US).

Alas, I tend to agree a lot with the comment by Tim Lee above that all these factors are too slow to cause any dramatic change anytime soon. In other words, things will have to go worse before serious change can happen. It might be something that the next generations (our sons and daughters or even more down the line) might face (while supporting a bunch of 90 year olds and adapting to climate change at the same time).

I know it might sounds a bit like I just want to relax at the barbecue and watch the game :) , but this is where logic leads me for now.

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Marcus Nunes's avatar

Ryan, Paul Anka "predicted" what what about to transpire in 1965!

https://www.youtube.com/watch?v=EE041EV90Os

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