If the American dream is not dead, then surely it is in intensive care. Consider this. Compensation per hour, adjusted for inflation, grew at a compound rate of about 3 per cent in the twenty-year period between 1948 and 1968. This meant that the family of a typical worker could consume about 3 per cent more each year, year after year. At that rate the standard of living was doubling about once every generation. But a dramatic change took place in the American economy between 1968 and 1973, approximately contiguous with the Vietnam War. In the twelve-year period since 1973, real hourly compensation increased at a rate of about three-tenths of 1 per cent per year. This means that the standard of living of the typical American family is doubling only at a rate of about once every few hundred years!


Collective Action American Dream Intellectual System Keynesian Policy Tangible Capital 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Copyright information

© James E. Sawyer 1987

Authors and Affiliations

  • James E. Sawyer
    • 1
  1. 1.Seattle UniversityUSA

Personalised recommendations