Think of this as Volume 18, Number 20 of the newsletter I have written weekly since March, 1997. Enjoy.
A lot of people will tell you it's about gas prices, or slow household formation. But it's a trend that has been building for decades, and the economic change it represents is permanent. As permanent as such change can ever be, as you'll see.
That change is in the locus of economic growth. During the “Mad Men” decade, that locus was moving from the factory floor to the office tower. You can see it in the background of the show. Agencies that were struggling with print ads early in the decade were prospering with TV and computers by its end. Men in Gray Flannel Suits from 1960 had become wealthy and filled with ennui by 1969.