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Reflecting on a Half Century of Economic Growth Continued
We are stunningly better off than we were 50 years ago. The U.S. standard of living has tripled and life spans have grown by more than a decade. How we continue to grow and how we use this newfound wealth and time are the important questions for the next half centry. Fifty years ago, more than a third of Americans worked to make things that were sold a long way from the factory. Today, only about one in seven do. For local and state leaders who care about economic development, this is perhaps the most frequently misunderstood fact of the modern economy. The location of factories no longer determines where people live, rather the quality of communities do. Almost none of our economic development policies fully grasp that. We are stunningly better off than we were 50 years ago. The U.S. standard of living has tripled and life spans have grown by more than a decade. How we continue to grow and how we use this newfound wealth and time are the important questions for the next half century.
About the Author ... Dr. Michael Hicks Dr. Michael Hicks is an Associate Professor of Economics and Director of Ball State University’s Center for Business and Economic Research. Mike has economics degrees from Virginia Military Institute and the University of Tennessee and has been on the faculty at the University of Tennessee, Marshall University and the Air Force Institute of Technology. In addition to writing a syndicated weekly column on economic policy, he has written three books, more than 30 scholarly papers and over 150 technical reports. He has testified before U.S. House and Senate committees, several state legislatures and in federal and state courts. His research has been cited by most national outlets including the Wall Street Journal, New York Times, CNBC, Fox Business, MSNBC, CSPAN, Al Jazeera, and others. Mike is an infantry Lieutenant Colonel in the Army Reserves and has served in Africa, Asia, Europe and the Middle East, in both peacekeeping and combat. He’s married to the former Janet Thomas, a Butler University graduate, and has a daughter aged twelve, and two sons, aged eleven and seven. Phone: 765-285-5926 ... Fax: 765-285-8024 Email: mhicks@bsu.edu
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