We are failing to understand why we are failing

Tyler Cowen

We are failing to understand why we are failing. All of these problems have a single, little noticed root cause: We have been living off low-hanging fruit for at least three hundred years. … Yet during the last forty years, that low-hanging fruit started disappearing, and we started pretending it was still there. We have failed to recognize that we are at a technological plateau and the trees are more bare than we would like to think. That’s it. That is what has gone wrong.

American economist Tyler Cowen in his book, The Great Stagnation (2011), which argues that rich countries have picked most of the “low-hanging fruit” of growth – land, public education, female entry to the workforce, IT.

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