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Everyday Economics (15 videos)

Restlessness has long been seen as a signature trait of what it means to be American. We've been willing to cross great distances, take big risks, and adapt to

Restlessness has long been seen as a signature trait of what it means to be American. We've been willing to cross great distances, take big risks, and adapt to change in ways that have produced a dynamic economy. From Ben Franklin to Steve Jobs, innovation has been firmly rooted in American DNA.

What if that's no longer true?

Let’s take a journey back to the 19th century – specifically, the Chicago World’s Fair of 1893. At that massive event, people got to do things like ride a ferris wheel, go on a moving sidewalk, see a dishwasher, see electric light, or even try modern chewing gum for the very first time. More than a third of the entire U.S. population at that time attended. And remember, this was 1893 when travel was much more difficult and costly.

Fairs that shortly followed Chicago included new inventions and novelties: the telephone, x-ray machine, hot dogs, and ice cream cones.

These earlier years of American innovation were filled with rapid improvement in a huge array of industries. Railroads, electricity, telephones, radio, reliable clean water, television, cars, airplanes, vaccines and antibiotics, nuclear power – the list goes on – all came from this era.

After about the 1970s, innovation on this scale slowed down. Computers and communication have been the focus. What we’ve seen more recently has been mostly incremental improvements, with the large exception of smart phones.

This means that we’ve experienced a ton of changes in our virtual world, but surprisingly few in our physical world. For example, travel hasn’t much improved and, in some cases, has even slowed down. The planes we’re using today? They were designed half a century ago.

Since the 1960s, our culture has gotten less restless, too. It’s become more bureaucratic. The sixties and seventies ushered in a wave of protests and civil disobedience. But today, people hire protests planners and file for permits. The demands for change are tamer compared to their mid-century counterparts.

This might not sound so bad. We’ve entered a golden age for many of our favorite entertainment options. Americans are generally better off than ever before. But the U.S. economy is less dynamic. We’re stagnating. We’re complacent. What does this mean for our economic and cultural future?

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