Many still have significant doubts about my article on how economic growth is growing at an accelerating pace. To this, I offer the basic evidence that the world economy comfortably grows at more than 4% per year, and this rate was unheard of in any part of human history prior to the second half of the 20th century, because if such growth existed from, say, the Roman Era, then the compounding over 2000 years would make everyone alive today a billionaire.
Another place in which to judge the rate of exponential growth is the stock market. Below is a chart of the S&P500 index from 1950 to today. I have added the red trendline to show how the market is moving in quite a predictable, exponential trajectory. The economic malaise of the 1970s, the bubble of the late 1990s, and the bust of 2001-02 all negated each other to invariably move back to the trendline.
If we see the same image on a logarithmic scale, the exponential trend (which now is a straight line) is clear, and timing the long-term future milestones of the market are semi-predictable.
This also shows that current levels are certainly not overvalued, and are in fact almost exactly where the trendline would expect them to be.
And for those who insist that the Nasdaq should be shown instead, I would point out that a) the Nasdaq has been around for a shorter time, and b) the Nasdaq is less a representation of the broader market than the S&P500, as it is technology-heavy. Nonetheless, a logarithmic Nasdaq chart also shows a similar trendline, and the late 1990s boom and bust revert back to the trendline.
Part of the reason we don't see an increase in the rate of increase in this logarithmic chart (which would make even this line curve upwards gently) is because some of the surplus growth is occuring in overseas markets. A composite chart of the full world's stock markets over the last 55 years would be interesting. If I find a good one, I will add it.