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Nevil Gibson The golden age of invention in the late 19th century has not been matched since for its impact on economic growth and productivity. In his seminal study, The Rise and Fall of American Growth (2016), macroeconomist Robert J Gordon identified five great inventions that generated an unrepeatable burst of economic growth from 1920-70. They were: electrification, the internal combustion engine, chemistry, telecommunications, and indoor plumbing. Others may challenge his choice but most economists would agree total factor productivity growth – as measured by intangibles such as innovation and better institutions – has declined since 1970 to half the average 2% annual rate over those 50 years of the 20th century.

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