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Superfusion

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A quotation from Zachary Karabell's book, Superfusion: How China and America Became One Economy and Why the world's Prosperity Depends on It (2009).




[By] 2003, the U.S. economy had become a mystery to most of the people charged with explaining it [a mystery] that was perfectly captured by Alan Greenspan in testimony to Congress [two years later]   when he confessed to confusion about the 'interest rate conundrum' of  long-term rates staying flat even as central bank rates fluctuated widely.


That conundrum has only become more prevalent since, and China and technology are the causes -- along with the inability of people and institutions to adjust their models and orthodoxies. The statisticians kept measuring what they could measure and therefore kept missing the radical shifts that had occurred.
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