This implies that to the extent that GDP growth today is (a) mostly driven by technological progress in information technology, and (b) at least in the same ballpark as historical GDP growth, it must be the case that information technology is progressing much faster than any particular industry’s technology ever did during the times of stronger growth in the 19th and 20th centuries.
Great comment, and I particularly like this piece. (I’m not sure how much I buy premise (a), but it’s a great illustration of what that premise would imply.)
Great comment, and I particularly like this piece. (I’m not sure how much I buy premise (a), but it’s a great illustration of what that premise would imply.)