Embracing an Ordinary Economy
In the past half century, many politicians have promised to return the country to the golden years following World War II: an era of continuous, strong economic growth. During that period, American incomes rose sharply, which allowed more families than ever to buy homes and cars and fulfill what many touted as the American dream. But those high growth rates—which were around 5 percent—were an exception, not the norm, according to the economist and historian Marc Levinson. The world will likely never see prosperity expand at that rate again.
It may seem like a bleak prediction, but Levinson argues that promising otherwise is misleading. As my colleagues Alana Semuels and Derek Thompson have noted, it might not even be necessary for the economy to grow as much as some politicians have suggested—and in any event, most politicians (including presidents) can do very little to revive the economy.
In Levinson’s new book, , he provides historical context to explain why Americans—and people across the globe—should expect slower economic growth in the years to come. Levinson spoke with me about why everyone should embrace the “ordinary” economy and the role that the
