Hmmm; we’re definitely not at the end of the golden age of innovation. In fact, once Quantum technology has evolved to the point where it is available to the broader public; we will see a new explosion of new innovation occur as a result.
This is the first of two excerpts from “The Rise and Fall of American Growth: The U.S. Standard of Living Since the Civil War,” published this month by Princeton University Press. The second will explain the implications of all this for the next quarter century.
Can future innovations match the great inventions of the past? Will artificial intelligence, robots, 3D printing and other offspring of the digital revolution do for economic growth what the second industrial revolution did between 1920 and 1970? The techno-optimist school of economics says yes. I disagree.
The rise in the U.S. standard of living from 1870 to 1970 was a special century — and won’t likely be repeated. Growth over the next quarter century will resemble the slow pace of 2004–2015, not the faster growth rate of 1994–2004, much less the rapid rate achieved between 1920 and 1970.