Must-read: Robert Gordon (2012): “Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds”
Must-Read: Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds: “Start by assuming that future innovation propels growth…(2012):
in per-capita real GDP at the same rate as in the two decades before 2007, about 1.8 percent per year…. Baby-boomer retirement (the reversal of the demographic dividend) brings us down to 1.6 and the failure of educational attainment to continue its historical rise takes us to 1.4 percent…
And adding 1.0%/year population growth gets us up to 2.4%/year as the U.S. economy’s future projected rate of economic growth.