Sunday, December 15, 2019

What economists may or may not have said

Were I to mention that economists used to say our economy's post-WWII "golden age" ended in 1974, and that these days they act as if that golden age never existed, would you think me crazy?

Surely on this evidence, you would:


This does not show what economists think, but what everyone thinks whose opinion ended up in any book Google could get its virtual hands on. It's not even about the golden age of our economy, but just about the words "golden age".

Nonetheless, I cannot help but point out the increase in the 1950s and the high plateau in the 1960s, during the golden age, and the decline in the 1970s. And the relative low since then, with however a little bump during the "macroeconomic miracle" of the mid-to-late 1990s. The ups and downs of the graph match perfectly the ups and downs of the US economy, despite the real or imagined irrelevance of the ngram data and the real or imagined relevance of economic performance to discussion of a golden age.

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