Sunset for the American Dream

Kenneth Bruce Taylor

International Journal of Social Economics, 2017, vol. 44, issue 12, 1639-1653

Abstract: Purpose - The purpose of this paper is to present and explore the deleterious socioeconomic consequence of six interrelated trends upon the sustainability of the personal portion of America’s social contract. Design/methodology/approach - Neoclassical economic growth theory is used to frame the discussion of the trends in significant variables. This paper is a general review and draws on widely available data and academic insights of scholars. Findings - This detailed examination leads to rejection of ergodicity and concludes that the existing social contract is unrealizable and unsustainable in present form for all but a shrinking minority of citizens. Research limitations/implications - The conclusion is robust but tentative since the trends reviewed are not fixed and may deviate from existing trend lines given undetermined government policies and unforeseeable technological developments. Originality/value - The paper examines the origins and implications of six adverse systemic trends, highlighting the fact that existing policy prescriptions lack understanding of – and/or scale to comprehensively address – a growing existential threat to the Liberal Tradition’s entrenched social contract.

Keywords: Political economics; Productivity; Income distribution; Culture; Economic philosophy/theory; Social evolution (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:eme:ijsepp:ijse-02-2016-0059

DOI: 10.1108/IJSE-02-2016-0059

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