Some Guy Wrote:Part of the problem was the total system participating in this K-wave was expanded by trade policy, which meant that much of the manufacturing income that would previously have gone to American laborers was instead sourced to factories overseas. Consumers (and certain companies) benefited, but for many those benefits did not exceed the costs from lost income and investment.
There is also the issue that the information economy cluster of leading sectors is quite a bit smaller than its predecessor. Back in 2003 I estimated it at one-third the size. Evidence of this was the relatively slow growth in the 1980's and 1990's compared to previous growth booms. And then the growth in the cycle leading up to 2007 was positively anemic. Growth should have been very strong as high speed internet, B2B and internet II rolled out.