We are already learning from Japan. During the past four years, Obama and his economic team have repeatedly confronted the bad/good Japan/Sweden dichotomy (courtesy Paul Krugman) -- how do we avoid having our own "lost generation"? Many say we're already well into that generation, but at the very least keeping our eyes on Japan's economic status isn't a new idea.
Some people think the American "lost generation" is happier than their Japanese counterparts--at least I heard that from an American who has lived a long time in Japan. Does that make any sense to you?
I'm maybe part of the "lost generation," depending on where you draw the parameters. I was having a conversation with my dad the other day about this subject, and he looked at me and just said, "Well ... do you feel lost?" Hell no I don't. The only reason we in America and previously those in Japan in the '90s felt lost was that they were idiotically entitled. Want an actual lost generation? Take a look at Sierra Leone. I'm ranting because "happiness" just shouldn't even come into it. I have no patience with that label, nor with the lost generation in general, so I don't want to try to compare two first world countries that have shit-all to complain about. To answer your question (reluctantly), I think the perception is there. You're correct. I just don't know what the hell it matters.
There is still room for growth from a market share perspective in most companies, which comes at the expense of others growth. The real problem comes from expecting growth that exceeds the previous years growth. We grew at 10% in 2012, therefore we must grow by 12% in 2013 or we fail. -Where is the logic in this? If you grow your market share by 8% is that a failed year? It is an unsustainable way of measuring success. Also, a year is such an arbitrary measurement. I'd much prefer mature-businesses to be judged on a 2 year (or more) performance metric. Much of what a business implements, at a cost, will not show returns within the same year. It's all really silly. If our year over year "growth" is over, can we transition in to a society that values stability? I'm not sure that is possible, at least not immediately. We may have no choice but the powers that be will fight that tooth-in-nail. -It's engrained in them to want "more".