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Robert J. Gordon's Speech on Innovation is Alarming
Farida Helmy — March 19, 2014 — Keynote Trends
References: econ.northwestern.edu & youtube
Helping viewers understand why the best years of American economic growth is already behind them, Robert J. Gordon talks about the end of growth in his interesting speech on innovation.
In the talk, the well-known macroeconomist explains that unlike popular belief, economic growth is not a continuous process. He makes the case that the rapid growth experienced during the last two centuries in the US economy may have been an anomaly rather than an everlasting trend because of four major "headwinds" slowing down the birth of innovation. The headwinds are demographics, education, debt and inequality, which have become powerful enough to cut growth rate in half.
If the US economy wants to offset this decline, according to Gordon's speech on innovation, they'll need a whole lot of it.
In the talk, the well-known macroeconomist explains that unlike popular belief, economic growth is not a continuous process. He makes the case that the rapid growth experienced during the last two centuries in the US economy may have been an anomaly rather than an everlasting trend because of four major "headwinds" slowing down the birth of innovation. The headwinds are demographics, education, debt and inequality, which have become powerful enough to cut growth rate in half.
If the US economy wants to offset this decline, according to Gordon's speech on innovation, they'll need a whole lot of it.
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