In the last few years, Robert J. Gordon, a professor of economics at Northwestern University, has persistently argued against the trendy view of the moment that robots, AI and other ‘disruptive technologies’ are about to launch the global economy into a productivity boost never seen before. I have commented before on Gordon’s series of papers developing this proposition.
And very recently, Gordon presented his arguments yet again at ASSA 2016 when he critiqued a paper by David Kotz and Deepankur Basu at an URPE session. As Gordon says succinctly in that critique: “The evidence accumulates every quarter to support my view that the most important contributions to productivity of the digital revolution are in the past, not in the future. The reason that business firms are spending their money on share buy-backs instead of plant and equipment investment is that the current wave of innovation is not producing novelty sufficiently important to earn the required rate of return.” full: https://thenextrecession.wordpress.com/2016/02/14/robert-j-gordon-and-the-rise-and-fall-of-american-capitalism/ _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
