For what happened was unprecedented in that with monetary policy focused only on traditional CPI, interest rates were kept low in spite of exploding prices of assets like real estate/property, credit assets, equity and commodities.
It is well known that per capita consumption is maximized on the path where the economic growth rate is equal to rate of return on capital (called the “golden rule” growth path). The economic growth rate can be decomposed into labor productivity growth and the rate of increase in the labor input.