It was an epoch-defining decision to place in Westminster Abbey, among statues of monarchs, priests and poets, a large one of James Watt, inventor of the separate-condenser steam engine. The statue’s inscription says Watt ranks among the world’s benefactors because he “increased the power of man.” Economist and historian Deirdre McCloskey believes this honor, conferred in 1834, signified society’s endorsement of the dignity of practical people who apply science for human betterment.
The Great Enrichment is McCloskey’s term for what, in a sense, started with steam and has been, she believes, the most important human development since the invention of agriculture 10,000 years ago. The development is the explosion of economic growth that began around 1800 and has, especially since reaching China and India, lifted billions of people from poverty. Today, however, the Great Enrichment might be running out of steam in the United States.
Although America is said to be — and many Americans are — seething about economic grievances, Tyler Cowen thinks a bigger problem is complacency. In his latest book, “The Complacent Class: The Self-Defeating Quest for the American Dream,” Cowen, professor of almost everything (economics, law, literature) at George Mason University and co-author of the Marginal Revolution blog, argues that the complacent class, although a minority, is skillful at entrenching itself in ways detrimental to the majority.
‘Building toward stasis’
For 40 years, Cowen believes, “we have been building toward stasis,” with a diminishing “sense of urgency.” Americans and American businesses are, on average, older than ever. Interstate migration — a risk-taking investment in a hoped-for future — has been declining since the mid-1980s. Although there is much talk about job churning, the percentage of workers with five or more years on the job has increased in 20 years from 44 to more than 50.
