Economist Robert Gordon of Northwestern University recently predicted that U.S. economic growth would slow dramatically over the next 40 years even with innovation, technological advances, and productivity increases. His claim is that future innovation is no match for the “headwinds” of demographic shifts, education stagnation, unequal income distribution, and high debt that will cause growth to remain slow in the U.S. (Gordon, 2014).
Another economist, Erik Brynjolfsson, has presented alternative interpretations of innovation and technological advance.
For this essay, watch Erik Brynjolfsson’s TedTalk regarding economic growth at http://www.ted.com/talks/erik_brynjolfsson_the_key_to_growth_race_em_with_em_the_machines#t-699439. Then, write an essay that describes your position on the subject of economic growth. Is economic growth still possible in the U.S. or has the U.S. growth rate peaked? Provide economic reasons and supporting evidence for your position.
The essay should be 2 – 3 pages long, must be in APA format, and may have no more than 5% direct quotes.
Gordon, R. The demise of U.S. economic growth: restatement, rebuttal, and reflections. (2014, January 20.) The Washington Post. Retrieved from http://apps.washingtonpost.com/g/page/business/the-demise-of-u-s-economic-growth-restatement-rebuttal-and-reflections/823/
Brynjolfsson, Erik. (2014, February). The key to growth? Race with the machines. [Video file].