I listened to a Freakonomics podcast produced a few months ago that really got me thinking. The premise:
I invite you all to listen to it... also attached a link to the book at Amazon.
Podcast: Freakonomics podcast
The Rise & Fall of American Growth
quote:The jist I got is that there isn't another Industrial Revolution out there to spur growth. Even the "Digital Revolution" bump in growth has come and gone. Now that computers & the internet have been nearly fully integrated into American business, growth has stagnated. According to the author, we're looking at 1-2% growth until something else comes along to spur the economy forward. Thoughts?
Gordon challenges the view that economic growth can or will continue unabated, and he demonstrates that the life-altering scale of innovations between 1870 and 1970 can't be repeated. He contends that the nation's productivity growth, which has already slowed to a crawl, will be further held back by the vexing headwinds of rising inequality, stagnating education, an aging population, and the rising debt of college students and the federal government. Gordon warns that the younger generation may be the first in American history that fails to exceed their parents' standard of living, and that rather than depend on the great advances of the past, we must find new solutions to overcome the challenges facing us.
I invite you all to listen to it... also attached a link to the book at Amazon.
Podcast: Freakonomics podcast
The Rise & Fall of American Growth