In last Saturday’s Wall Street Journal a former finance and economics editor of The Economist published a very interesting piece on this topic why-the-economy-doesnt-roar-anymore-wsj. It is well worth a read. The author describes the post-WWII Golden Age and its undoing in historical terms. A more quantitative treatment of the same topic has been done by one of our economic growth gurus in what-is-the-new-normal-for-u-s-growth. The history lesson is the same in both but the second author has a dimmer outlook on the future. The message is pretty clear. We are back to normal…if we are lucky.