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Michael W. Green's avatar

TFP growth rate is falling towards zero or rising at an additive rate is not at all the same statement. Phillipon and Peters' point is a very different statement than Gordon's.

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Paul Weiffenbach's avatar

It would be better to promote productive investment that increases the supply of goods and services in a noninflationary manner, but the current political environment is an impediment. There is a strong push to switch to less efficient means of energy production to decrease carbon emissions. There is also a cultural and political segment that believes we must lower our consumption of goods and services to protect the environment. I believe these policies will increasingly lead to radical politics on the left and right of the political spectrum. On the bright side, labor shortages might help to redirect the benefits of growth more equitably, and technological and scientific advances might help us out of this quagmire.

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