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That brings me to the main argument offered by mainstream economist, Robert J Gordon, in his magnum opus, The Rise and Fall of American Growth: The US Standard of Living Since the Civil War. I have discussed Gordon’s thesis before in this blog ever since he first presented it back in 2012. Gordon reckons that the evidence shows productivity growth is currently low because that it is where it is usually. There have been periods of fast-growing productivity when technical advances spread widely across economies, as in the early 1930s and in the immediate post-war period. Productivity growth rose from the late nineteenth century and peaked in the 1950s, but has slowed to a crawl since 1970. In designating 1870–1970 as the ‘special century’, Gordon emphasizes that the period since 1970 has been less special. He argues that the pace of innovation has slowed since 1970 and furthermore that the gains from technological improvement have been shared less broadly.
full: https://thenextrecession.wordpress.com/2016/08/22/returning-to-gordon/ _________________________________________________________ Full posting guidelines at: http://www.marxmail.org/sub.htm Set your options at: http://lists.csbs.utah.edu/options/marxism/archive%40mail-archive.com
