When the facts change, I change my mind. What do you do? -- John Maynard Keynes

Tuesday, January 14, 2014

Productivity, Technology, Economic Growth



“the recent low productivity readings and the weak labor market are primarily symptoms of an economy slowly recovering from the greatest recession and ļ¬nancial crisis since the Great Depression. In this view, technological innovation has not plateaued or become permanently depressed, nor are we on the precipice of massive labor-displacing technological revolution. Economic growth in the long run will be driven by produc-tivity increases, and thus by technology. The debate between techno-pessimists and techno-optimists is not going away” (source supra)

   

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