Gordon On Increment 2
PBS covers Bob Gordon's The Rise together with Fall of American Growth.
[Embedded video. These aren't picked upwardly when other sources alternative upwardly the blog, then come dorsum to the original if y'all don't run into the video.]
PBS together with Paul Solman did a neat job, specially relative to the commons standards of economic science coverage inward the media. OK, non perfect -- they livened it upwardly past times tying it to partisan politics a combat to a greater extent than than they should have, though far less than usual.
I don't (yet, maybe) concur amongst Bob. I notwithstanding promise that the mastery of data together with biological scientific discipline tin arrive at results similar the mastery of electromagnetism together with fossil fuels did earlier. I notwithstanding suspect that boring growth is resulting from government-induced sclerosis rather than an absence of expert ideas inward a smoothly surgical operation economy. But Bob has us talking close The Crucial Issue: long term growth, together with its source inward productivity. The 1870-1970 miracle was non close whether the federal funds charge per unit of measurement was 0.25% higher or lower. And the number is non close opinions, similar the ones I simply offered, but facts together with research, which Bob offers.
The number of hereafter long-term growth is tied amongst the number of measurement, something else that Bob has championed over the years. gross domestic product is good designed to mensurate steel per worker. Information, wellness together with lifespan increases are much to a greater extent than poorly measured. This is already a work inward long-term comparisons. In the video, Bob points to low-cal every bit the greatest invention. The cost of low-cal has fallen past times a constituent of thousands since the historic menstruum of candles, to the indicate where low-cal consumption is a lilliputian constituent of GDP. It's a worse work every bit all the neat materials becomes free. I suspect that we'll convey to drive to mensurate consumer surplus non simply the marketplace value of goods together with services.
And congratulations to Bob. The economic science profession tends to focus on the immature ascension stars, but he offers inspiration that economists tin arrive at magnum opuses of deep deport upon at whatever indicate inward a career.
Disclosure: I haven't read the mass yet, but it is on occur of the pile. More when I finish. Ed Glaeser has an first-class review.
Update: Tyler Cowen's review, inward Foreign Affairs
[Embedded video. These aren't picked upwardly when other sources alternative upwardly the blog, then come dorsum to the original if y'all don't run into the video.]
PBS together with Paul Solman did a neat job, specially relative to the commons standards of economic science coverage inward the media. OK, non perfect -- they livened it upwardly past times tying it to partisan politics a combat to a greater extent than than they should have, though far less than usual.
I don't (yet, maybe) concur amongst Bob. I notwithstanding promise that the mastery of data together with biological scientific discipline tin arrive at results similar the mastery of electromagnetism together with fossil fuels did earlier. I notwithstanding suspect that boring growth is resulting from government-induced sclerosis rather than an absence of expert ideas inward a smoothly surgical operation economy. But Bob has us talking close The Crucial Issue: long term growth, together with its source inward productivity. The 1870-1970 miracle was non close whether the federal funds charge per unit of measurement was 0.25% higher or lower. And the number is non close opinions, similar the ones I simply offered, but facts together with research, which Bob offers.
The number of hereafter long-term growth is tied amongst the number of measurement, something else that Bob has championed over the years. gross domestic product is good designed to mensurate steel per worker. Information, wellness together with lifespan increases are much to a greater extent than poorly measured. This is already a work inward long-term comparisons. In the video, Bob points to low-cal every bit the greatest invention. The cost of low-cal has fallen past times a constituent of thousands since the historic menstruum of candles, to the indicate where low-cal consumption is a lilliputian constituent of GDP. It's a worse work every bit all the neat materials becomes free. I suspect that we'll convey to drive to mensurate consumer surplus non simply the marketplace value of goods together with services.
And congratulations to Bob. The economic science profession tends to focus on the immature ascension stars, but he offers inspiration that economists tin arrive at magnum opuses of deep deport upon at whatever indicate inward a career.
Disclosure: I haven't read the mass yet, but it is on occur of the pile. More when I finish. Ed Glaeser has an first-class review.
Update: Tyler Cowen's review, inward Foreign Affairs
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