A great example of the truly profound ignorance in the economic profession. They are all mired in the empirical. Gordon records a declining rate of productivity enhancing inventions and pronounces this is the new normal. The "contra-Gordon" economist cites a single example of growth (computer memory) and projects on this thin empirical reed greater economic growth than in the late 1800's and early 1900's. Neither mentions the principle of purposeful human action and its role in Gordon's "golden century." Nor the type of political/social environment that discourages this type of action from becoming inventive.
No serious discussion of economics involves the phrase "purposeful human action." Is there unpurposeful human action? What is it, sleep walking?
Let's see... Keep paying people not to work while penalizing work, keep bailing out inefficient firms while making it more difficult for efficient firms to compete (If it moves, tax it. If it keeps moving, regulate it. IF it stops moving, subsidize it.), keep debasing the money so it gets more and more concentrated among financial engineers, keep destroying education, keep grinding away at wars and military production that makes up for producing nothing by being evil and destructive, keep supporting a media that protects the Powers That Be at all costs, keep demanding greater reporting and bureaucratic overhead simply because computers make it possible to produce, keep putting people in jail and ruining their lives over the absurd and fascist War on Drugs, keep the populace terrified of an endless series of hobgoblins, keep people fighting with each other over meaningless trivia, and keep piling on new regulations that define ever more behaviors as crimes.What could go wrong?
The periods of highest productivity were the periods with the largest amount of the activity you describe.
Not true. Just because a libtard told you so, doesn't mean its true.These guys in the video seem to have no clue that past performance is not indicative of future performance. Those lines are descriptive of what has happened, not what will happen
It seems to me that economists tend to come out with these grandiose claims just before things do the opposite. "Stocks have reached a permanently high plateau," "The Great Moderation," etc etc.
Computer technology has advanced at a steady double exponential rate through the Great Depression, WW I, and WWII. It's unlikely the criminal politicians will slow it down. For details read http://www.kurzweilai.net/the-law-of-accelerating-returns or view https://www.youtube.com/watch?v=qlRTbl_IB-s.