The Experience Economy

Consumers snap up the latest in electronic devices and regularly use sites like Facebook or Twitter. But such new inventions contribute a fraction of direct jobs produced by the automobile industry, notes David Brooks in his column for the New York Times. Brooks quotes Tyler Cowen’s e-book, “The Great Stagnation,” in suggesting that the US had a history of strong economic growth because of easy “low-hanging fruit,” including ample land and technological innovations. Perhaps more influential than technological factors is shifting values among workers between the early part the 20th century and the latter years: The older generation pursued wealth for security while many large numbers of younger workers produce ideas, art or projects that often produce little personal or social wealth. Reader comments with the essay suggest that the financial industry may not assign the most accurate values to new industries. Materialism, the desire for wealth, adds to job creation, Brooks maintains. He suggests that modern young adults have more choices than many realize. – YaleGlobal