Have We Dodged the Secular-Stagnation Bullet?
Is the world on the cusp of a sustainable acceleration in global economic growth? The answer hinges on whether today’s much-touted innovative technologies finally have an appreciable impact on labor and total-factor productivity.
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WASHINGTON, DC – In 2016, Northwestern University’s Robert Gordon published his 700-plus-page magnum opus, The Rise and Fall of American Growth. Two years on, with not just the United States, but the entire world economy experiencing a synchronized acceleration in growth, the second noun in Gordon’s title seems excessively pessimistic, to say the least.