Economics, Pethokoukis

Technological stagnation or acceleration? Why America should take Schulz’s Wager

Is technological progress and innovation slowing down or speeding up? As my AEI colleague Nick Schulz notes in another must-read Forbes column, there are some pretty smart folks taking both sides of that bet:

On one side you can find economist Tyler Cowen, author of the best-selling e-book The Great Stagnation; investor/entrepreneur/intellectual Peter Thiel, who wrote an influential essay in National Review called “The End of the Future”; and now comes economist Robert Gordon, author of a new paper “Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds.”  In case you couldn’t tell from the titles, these are the pessimists about the future.

On the other side you’ll find Eric Brynjolfsson and Andrew McAfee, authors of Race Against the Machine: How the Digital Revolution is Accelerating Innovation, Driving Productivity, and Irreversibly Transforming Employment and the Economy; Mark Mills, author of a much-discussed essay “The Next Great Growth Cycle”; Singularity theorist Ray Kurzweil; and Matt Ridley, author of The Rational Optimist and the Wired cover story “Apocalypse Not.”

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