http://trueeconomics.blogspot.com/2017/09/30917-technological-revolution-is.html
Nicholas Bloom, Charles Jones, John Van Reenen, and Michael Webb’s
latest paper has just landed in my mailbox and it is an interesting one.
Titled “Are Ideas Getting Harder to Find?” (September 2017, NBER Working Paper No. w23782. http://www.nber.org/papers/w23782.pdf)
the paper asks a hugely important question related to the supply side
of the secular stagnation thesis that I have been writing about for some
years now (see explainer here: http://trueeconomics.blogspot.com/2015/07/7615-secular-stagnation-double-threat.html
and you can search my blog for key words “secular stagnation” to see a
large number of papers and data points on the matter). Specifically, the
new paper addresses the question of whether technological innovations
are becoming more efficient - or put differently, if there is any
evidence of productivity growth in innovation.
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