Debate on "The Great Stagnation"
Tyler Cowen's recent e-book, The Great Stagnation, has attracted praise and generated intense discussion about the changing nature of the modern U.S. economy. The provocative premise is that median household income growth has stagnated since the 1970s because innovation is no longer the key driver of economic growth. True, there have been dazzling advances in technology, but Cowen suggests these new technologies, specifically the Internet, have not really translated into economic growth, employment and productivity gains. Well, the gauntlet is down! ITIF President Rob Atkinson sees it very differently and invited Cowen to debate how much recent innovation and technological change has helped boost economic growth and opportunity. ITIF hosts a spirited debate on the trends that have shaped the economic transformation we are living through and what they tell us about the road ahead.