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Economy, finance, and budgets
Are all the significant inventions already achieved? Economist Robert Gordon identified five Great Inventions, whose discovery in the late nineteenth century powered what he deems an unrepeatable burst of economic growth between 1920 and 1970. These inventions electrification, the internal combustion engine, chemistry, telecommunications, and indoor plumbing were indeed far more significant than what often passes for innovation today. While some recent IT breakthroughs are important, no number of Snapchat filters can hold a candle to well, not needing to use candles to see at night.
The phenomenon that Gordon a careful, data-driven economist attempts to explain is real. Economists use the concept of total factor productivity (TFP) to track the degree to which output is not attributable to observable inputs like labor-hours, capital, or education. When TFP increases, it is due to intangible factors such as innovation or better institutions. From 1920 to
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The Ten Radical New Rules That Are Changing America
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There are ten new ideas that are changing America, maybe permanently.
1) Money is a construct. It can be created from thin air. Annual deficits and aggregate national debt no longer matter much.
Prior presidents ran up huge annual deficits, but at least there were some concessions that the money was real and had to be paid back. Not now. As we near $30 trillion in national debt and 110 percent of annual GDP, our elites either believe that permanent zero-interest rates make the cascading obligation irrelevant, or that the larger the debt, the more likely we will be forced to address needed income redistribution.