Economics
In Praise Of Heady Growth
In a new book, Michael J. Mandel argues that many economists pay too little attention to tech-driven expansion
This article is for subscribers only.
By Michael J. Mandel
The U.S. economy grew by 4.9% in the past year, the biggest gain since 1984. The Standard & Poor's 500-stock index is up by 20% over the same stretch, while household wealth has surpassed its 2000 peak. And Americans have plenty of buying power -- consumer spending per person is up by 9% since 2000.