From 1950 to 1966 the US experienced the greatest era of technological advance the world had ever seen. True, a few third world countries have grown faster because they have been able to apply technology developed elsewhere. But the to my knowledge US growth during that era was the fastest ever experienced by a nation at the cutting edge of technological change.
In terms of measures of economic output, real potential GDP growth fluctuated between 3 and 4.8 percent during that period. After 1966 it generally fluctuated around a declining path, except during the 1992-2000 burst of prosperity. But even that was peanuts compared to the 1950s. Here’s a graph: http://wm40.inbox.com/thumbs/6c_130b52_988a4ec1_oP.png.thumb
Most of you probably haven’t seen a chart like that before, because this series controls somewhat for the business cycle. The data comes from FRED, at the St. Louis Federal Reserve: they obtain it from the Congressional Budget Office (CBO).
Anyhoo, during the 1990s quite a few businessfolk and others found the introduction of the internet rather disorienting. So much so that the stock market prices of internet companies were bid to fantastic heights, partly due to fears that the whole structure of the economy would be upended by this fantastic new technology. Those fears were overblown. They were understood to be overblown at the time - but even saavy people attached a certain probability that many stodgy companies might enter a death spiral.
It’s my understanding that 1950-1966 had a different feel to it. New chemicals, rural electrification, the interstate highway system, antibiotics and other advances represented progress. It was the Soviet Union that was scary. Of course unions and high taxes ensured that the benefits of economic growth would be distributed pretty broadly, at least among whites.
What are the impressions of dopers with first hand knowledge of both eras? Please state your country: the US had not been clobbered by WWII so its experience was pretty different from the rest of the Western world, never mind other places. I should note that some wonder whether GDP adequately reflects the value of such innovations as google, facebook, Groupon and wikipedia. So individual perceptions of technological change may or may not line up well with the data. I recall that the blogosphere marveled about the miracle of indoor plumbing earlier this year, but the introduction of that amenity predates the periods under discussion.