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?
Why didn t China have an Industrial Revolution before Europe did? | American Enterprise Institute aei.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from aei.org Daily Mail and Mail on Sunday newspapers.