Tyler Cowen’s “The Complacent Class” isn’t a big book, but it is spawling, touching on a thousand different angles on the same idea. Subtitled “The Self-Defeating Quest for the American Dream”, it’s easy to draw a clear line from Cowen’s previous book, The Great Stagnation.
You can think of this book as detailing the social roots for the resulting slow growth outcome and explaining why that economic and technological stagnation has lasted so long and why, for the most part, it has failed to reverse itself.
Cowen’s succinct self-summary of The Complacent Class [brackets mine]:
I’ve discussed a number of main elements driving the trend toward a more static, less risk-taking America. These include the collapse of fiscal freedom [e.g. the growing share of government expenses that are non-negotiably directed towards entitlements programs, reducing overall flexibility of the government to deploy resources] and democratic process, lower residential mobility, less building in America’s most productive cities, more segregation by income and status, a much greater concern with safety and risk, the coddling of our children, and fewer start-ups and slower growth in living standards, among others. These forces have led to an America that is calmer, safer, and more peaceful, at least in the short run. But it is also an America that is losing the ability to regenerate itself, reinvent itself, and create new sources of dynamism. And as the years pass, it seems increasingly obvious that the social and economic stagnation of our times is more than just a temporary blip; instead, that stagnation reflects deeply rooted structural forces that will not be easy to undo by mere marginal reforms.
The first section below is more about something a couple of asides that Cowen made that connected to some of the ideas already recorded in this blog. The second section are more direct notes from the text, detailing who the Complacent Class is and why they may have become complacent.