I FIRST BEGUN TO SPEAK and write about a "New Era Economy" in 1996. By 1998, the Chicago Tribune had called me "Chicago's most prominent New Era economist." But my book on the subject, The New Era of Wealth, was not published until October 1999, just before the stock market peaked. My thesis, which may sound trite today, suggested that the U.S. was in a virtuous circle of wealth creation. A combination of technology, globalization, good fiscal policy, and stable monetary policy was boosting productivity dramatically. As a result, the economy could grow faster, with less inflation (possibly deflation), than...