Economists have been particularly surprised by favorable inflation figures in Britain and the United States, since, conventional measures suggest that both economies, and especially America's, have little productive slack.The most thrilling explanation is, unfortunately, a little defective. Some economists argue that powerful structural changes in the world have upended the old economic models that were based upon the historical link between growth and inflation.
Certainly people do not seem less interested in success and its signs now than formerly. Summer homes, European travel, BMWs--the locations, place names and name brands may change, but such items do not seem less in demand today than a decade or two years ago.
