Embracing progress, even if it’s disruptive, is an important principle to remember when making policy.
I’m pretty confident that America’s so-called “great stagnation” in productivity and economic growth is over. At least I am on odd-numbered days. And since there are slightly more odd- than even-numbered days in a year, I guess that makes me slightly more optimistic than pessimistic. Of course, it could be a false start despite some encouraging signs. Maybe the Congressional Budget Office is correct that the post-pandemic economy will fundamentally resemble the pre-pandemic economy.
This issue of “false starts,” especially in historical context, is one that has been frequently discussed on my Political Economy podcast. Why did the Industrial Revolution — or the Great Acceleration as I like to call it — not happen much earlier in history? Why did China not have the first Industrial Revolution? Why not the Roman Empire? Why not classical Greece?