Category: Economy, Think Tank
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Ritholtz has been observing capital markets with a critical eye for 20 years. With a background in math & sciences and a law school degree, he is not your typical Wall St. persona. He left Law for Finance, working as a trader, researcher and strategist before graduating to asset management
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Gordon’s paper is pretty negative. He did try to address some of the “headwinds” at the end, but he got mired down in outsourcing, carbon taxes, and the like. There is no doubt the economy is changing, but economies have been changing since the feudal system went the way of the dodo bird. There is no reason to think world wide economics will get stuck in today, forever.
The Gordon paper did prod me to go buy the Tyler Cowan book “The Great Stagnation” to provide an alternative view that is not as negative. The kindle price is a mere $3.99. Here is an outline of the book on the Amazon site:
Too many false dichotomies. To keep my indoor plumbing, I would willingly give up not just this ipad but the whole of our electricity-based economy if I had to. And the author’s IR 3 is, in my mind, really just the continuation of IR 2; that is, it’s just the continuation of our mastery over the use of electricity. He may be right that that has now reached its end point and has become, in fact, a source of counter-productivity
IR 3 doesn’t arrive until we change our means of production of electricity. Then maybe we can move beyond the whole IR thing to a PI thing.
[...] Gordon’s new NBER paper, ‘Is US Economic Growth Over?’ has been making waves in the past few weeks. Here are a few thoughts on [...]