The pace of all aspects of modern life does indeed seem to be accelerating, as Tom Hayes and Michael Malone suggest in "The Ten-Year Century" (op-ed, Aug. 11). Then again, most generations before this one experienced a similar sense of time compression. The human capacity to cope with change seems to evolve along with the pace of change.
For example, in the early 20th century, the lifestyle changes brought about by electricity, telephones, automobiles and airplanes were at least as momentous and unsettling as any technological changes of the past decade (e.g., iPod, Twitter, blogs, smart phones, etc.). For several thousand years, humans could travel on land only as far as their own feet or an animal's feet could take them. Suddenly, it was possible to travel great distances on land in a few hours and to cross the Atlantic Ocean in less than a day. The effect that had on personal freedom, quality of life and prosperity certainly rivals any technology-related change of the past decade—no matter how special and frenzied the current generation feels about its circumstances.
Investors tend to make very costly mistakes when they utter the four most expensive words in the industry, "this time is different." Every technological change in history was accompanied by speculative asset bubbles that popped sooner or later. Perhaps Messrs. Hayes and Malone are correct that the bubbles now are more frequent and more extreme, but that's still a matter of degree, not substance.
Finally, the authors argue that trust is the currency of our time, the one "true constant." However, most polling in the last 10 years shows steadily eroding trust in America's political leaders, institutions and the media. Maybe that distrust is the real true constant and a critical factor in a healthy democracy. So, even if you truly believe that this time is different, don't bet the house on it (unless it's financed with a no-money-down, subprime loan).
Doug Ryan
Palm Coast, Fla.
Note from KBJ: There was nothing worth reprinting from the New York Times.
Keith Burgess-Jackson, J.D., Ph.D. 