The “Complacent Class”

The “Complacent Class”

Came across an economist who sees beyond the glitz of the swelling Stock Market to an underlying problem.

“We’re seeing an America that is stuck, and in some parts of the country it’s moving backwards,” economist blogger Tyler Cowen, author of a new book, “The Complacent Class: The Self-Defeating Quest for the American Dream,” told Yahoo Finance recently.

Cowen, a professor at George Mason University in VA, told YF that, “The growing number of people in our society who accept, welcome, or even enforce a resistance to things new, different or challenging” represent a “complacent class” of Americans. According to YF’s report, Cowen believes wealthy Americans “want to protect what they have,” and “working-class people…might complain about lack of opportunity but are reluctant” to explore other opportunities.

This is nothing new, according to Cowen, who believes “Americans have become so risk-averse during the last several decades that they’ve forfeited the economic dynamism that made the United States a powerhouse and consigned themselves to lackluster futures.”

But it won’t last forever.

“People will be shook out of their complacency by changes and risks that are so big they can’t control them,” Cowen told YF. “Only then will America somehow find itself once again.”

About Author: jspaone

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