Reflections on Garden World Politics Douglass Carmichael

I like it when the frame is extended.

Brad DeLong ultimately nailed it in my opinion with the Electrical Revolution starting in 1850. Though he refers back to 1825 when the same problems seemed to occur, I do not think they were as nearly correlated in 1825. By 1850, the electrical revolution was on and it never stopped. Every generation of capitalists, since then, was presented with the next generation of technology so powerful they could gleefully knock out the old stalwarts and force an economic wide restructuring to their benefit.

via Economist’s View: Shiller: A Crisis of Understanding.