Is America in a race to the bottom, or are we going through what the Austrian born economist Joseph Schumpeter would call a process of “creative destruction”?
As readers over thirty will remember, Ronald Reagan used to tell the story of two boys: a pessimist and an optimist. A psychologist put the pessimistic boy in a roomful of toys; he sat around morosely worried that if he played with the toys they would break and he would be blamed. He put the optimist in a room with a big pile of horse manure; the boy started eagerly digging. The psychologist asked why and the boy answered that with all that manure on the floor there had to be a pony in there somewhere.