Growth Out of Time
The economist Robert Gordon has attracted considerable attention recently by arguing that economic growth in the US is over. But a basic flaw in Gordon’s argument is immediately apparent – and becomes glaringly so on closer examination.
https://prosyn.org/JlEIKW4
CAMBRIDGE – Robert Gordon of Northwestern University is a distinguished economist whose work in macroeconomics and studies of long-term economic growth have properly earned him high regard. So his recent exercise in speculative future history, which asks whether economic growth in the United States has come to an end, has attracted much favorable attention. But a basic flaw in Gordon’s argument is immediately apparent – and becomes glaringly so on closer examination.