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By Tyler Durden

Authored by John Mauldin, originally posted at MauldinEconomics.com,

Psychologists from Sigmund Freud forward have generally agreed: our core attitudes about life are largely locked in by age five or so. Changing those attitudes requires intense effort.

Neil Howe and William Strauss took this obvious truth and drew an obvious conclusion: if our attitudes form in early childhood, then the point in history at which we live our childhood must play a large part in shaping our attitudes.

It’s not only early childhood, however, that forms us. Howe and Strauss think we go through a second formative period in early adulthood. The challenges we face as we become independent adults determine our approach to life.

These insights mean we can divide the population into generational cohorts, each spanning roughly 20 years. Each generation consists of people who were born and came of age at the same point in history.

These generations had similar experiences and thus gravitated toward similar attitudes.

At this year’s Strategic Investment Conference, Howe illustrated the point with this cartoon. (I think we should now add an illustration of a couple texting on their phones, saying “Let’s tell our friends online first.”)

Amusing, yes, but true. Young love, a universal experience, took different forms for Americans who grew up in the 1950s vs. the 1970s vs. the 1990s. Ditto for many other aspects of life.

Four generational archetypes: Heroes, Artists, Prophets, & Nomads

In their book The Fourth Turning, Howe and Strauss identified four generational archetypes: Hero, Artist, Prophet, and Nomad. Each consists of people born in a roughly 20-year period. As each archetypal generation reaches the end of its 80-year lifespan, the cycle repeats.

Each archetypal generation goes through the normal phases of life: childhood, young adulthood, mature adulthood, and old age. Each tends to dominate society during middle age (40–60 years old) then begins dying off as the next generation takes the helm.

This change of control from one generation to the next is called a “turning” in the Strauss/Howe scheme. The cycle repeats on a “fourth turning” as a new hero generation comes of age and replaces the nomads. Each fourth turning, however, is a great crisis.

(The turnings have their own characteristics, which I describe in detail in this article. Today’s economic and political landscape, unfortunately, makes it clear we are about halfway through the fourth turning.)

Now, let’s get back to the archetypes and see how they match the generations alive today.

The characteristics of each archetype aren’t neatly divided by the calendar; they are better seen as evolving along a continuum. (This is a very important point. It’s why we get trends and changes, not abrupt turnarounds. Thankfully.) People born toward the beginning or end of a generation share some aspects of the previous or following one.

Hero generations are usually raised by protective parents. Heroes come of age during a time of great crisis. Howe calls them heroes because they resolve that crisis, an accomplishment that then defines the rest of their lives.

Following the crisis, heroes become institutionally …read more

Source: Millennials Face An Existential Crisis: "It Won’t Be A Short Period Of Difficulty"

    

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Posted July 18th, 2016 in Uncategorized.