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Mitchell_Porter comments on Why are certain trends so precisely exponential? - Less Wrong
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US population, 1790-2000.
US GNP per capita, 1875-2010.
Could there be an economic-technocratic explanation of the steadiness of growth since 1950? That is, did someone decide that annual GNP growth should be 3.5% (which is 2% growth per capita, according to Kehoe's graph), and has policy been determined accordingly?
The Federal Reserve does play a relevant role, and it may well have tried to keep growth within a narrow band over the last two decades. If so, then the financial crisis might have started to show that the official GDP numbers of the last decade were a house of cards based on overvaluation of some sectors of the economy, and that we've actually been growing at a lower rate for quite some time.
I don't have evidence of this, but it is a hypothesis that confuses me less than the hypotheses of coincidence or a natural propensity to a 3.5% growth rate.