The Fed seems to have gotten it right with interest rates. And worker productivity has dramatically increased through the use of technology. But don't be too quick to embrace this new era because, in the end, people haven't changed. And the danger exists for human irrationality to rear its ugly head. When times are good, people ignore the rules.
Lenders become too lenient and issue more debt.
Consumers acquire more debt thinking that future wage increases will allow them to pay it down. Company executives, flush with cash, expand their companies beyond their field of expertise. And investors slowly but surely ignore established principles of investing. The biggest winners of the economic boom have been the largest companies. Consequently, their stocks have been market leaders since the early '90s.