Non-materialistic millennials and the Great Stagnation - Econlib
And I would argue that this move away from stuff is interesting, even if the output data is biased downwards by unmeasurable aspects of economic growth. Productivity in the services tends to grow much more slowly than productivity in making stuff. If the Fed targets inflation at 2%, then a slowdown in measured RGDP growth (whether accurate or not) will lead to lower NGDP growth, and therefore lower nominal interest rates. Thus the zero bound problem in monetary policy is partly due to the fact that young people prefer eating out and surfing the web, to the kind of auto-centered lifestyle once described by Bruce Springsteen or the Beach Boys. As a quantum theorist might say, “When you measure the economy, you change it”.

PS. This might be a stretch, but is the Trump phenomenon at some deep level a longing for the old stuff-oriented economy? And is Hillary the “services” candidate?

So much interesting stuff here.
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