How Easy Money Bred Bad Ideas
(Illustration by The Free Press, images via Getty)
Wokeness was born in a time when money was free. Its demise began when interest rates went up.
In July 2024, the economist Tyler Cowen published an essay on his Marginal Revolution blog with the headline “The changes in vibes—why did they happen?” Writing just four days after the attempted assassination of Trump at his campaign rally in Butler, Pennsylvania, Cowen began by focusing on the Republican nominee, calling him the “clear favorite in the next election.”
Cowen offered 19 answers to his own question, ranging from the rise of social media to high inflation and interest rates to a decline in the credibility of higher education. Trump’s election vindicated Cowen.
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