Why GDP Growth is So Slow

Why GDP Growth is So Slow

There are many competing theories surrounding the struggling economic recovery and some of them point to fundamental changes in our economy that are here to stay. One of the most depressing is regarding the diminished innovative capabilities of American firms. Robert Gordon, an economist at Northwestern University, argues that the period in which America brought us airplanes, highways, and the internet has elapsed, along with areas of our lives in which more time can be saved and living standards could be increased dramatically. As Gordon puts it, “innovation is occurring only around the fringes of the economy, not at the core areas that account for the most output and most employment”. If anything is certain it is that our nation needs the leadership that can bring back the innovation that made America one of a kind.

 

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