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What happened to America?
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According to economist Tyler Cowen, American civilization has advanced at varying rates over the course of history. Periods of stagnation are followed by enormous growth.
When a breakthrough occurs, growth periods are marked by a rapid flow of new developments. For instance, the Industrial Revolution and household electrification allowed for a rapid rise in the standard of life, especially in the early to mid-20th century.But after the 1970s, the pace of development halted. The fact that the simpler tasks, such electricity, had already been completed is one of the causes.
Americans are less entrepreneurial today due to government restrictions as well as a widespread fear of taking risks. As a result, we are no longer performing as well as we did previously.
America currently stands at a critical turning point between stagnation and progress. He contends that we must stop taking our affluence for granted in order to return to a development mindset.
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