By Carl Schramm
In
the face of a stagnating economic activity many economists are trying to
explain why the medicine they have been administering these last six years isn't
working. Not capable of accepting theoretical defeat, they offer new
explanations. We are being told that technology has permitted big corporations
to replace manufacturing jobs with either cheap foreign labor or the
substitution of capital for labor using robotic technology. But, an even
grander reason is on offer by Robert Gordon who says that innovation itself is
slowing. He argues, much like many before him in similar moments when the
mysteries of economic life produced a slowdown that in their minds shouldn't be
that everything is different because people are living differently, or should
be. [more...]
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