When the economy undergoes a sea change—as we think it now is doing—it isn’t something that hits you all at once. You don’t wake up and say, aha, we’re in a new world. Rather, it creeps up on you. In 1968, for instance, when inflation rose above 3 percent—the first time other than wartime it had done so that century—no one foresaw that it signified an epic economic shift. But it did. Actually, that particular history lesson…

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