This organizes a lot of thoughts I've had regarding the economic history of the 20th century. It seemed that something really changed in patterns of invention and investment somewhere in the late 70s, whereby - as Peter notes - big ideas and making plans became considerably less fashionable.

I hadn't made the connection to the surge of effort in law and finance, but it's a convincing argument.

The real question, then, is: Can we return the western economies to an optimistic-deterministic point of view? It would require really reframing a lot of public debate - or perhaps taking discourse elsewhere from regulated airwaves where the established players seem to worship an utterly indeterminate world view, as evidenced by continuous coverage of uncontrollable events.