Technology and a Decline in Economic Growth

Stony Brook finance professor Noah Smith briefly critiques Northwestern University professor Robert Gordon’s argument that “the golden days of growth are over” in a recent BloombergView post. Smith summarizes Gordon’s recent book as arguing that a few key technological inventions catapulted growth from 1870 to 1970, but that the low-hanging fruit is now gone and so growth has necessarily slowed. Smith makes two arguments and one additional background point in response. The background point is… Read More