At VDARE, I review the new E-book by Tyler Cowen, The Great Stagnation:
The economist offers three main reasons for this stagnation, all three of which I’ve been discussing for years. Cowen sums them up in a single concept:“All of these problems have a single, little noticed root cause: We have been living off low-hanging fruit for at least 300 years. Yet during the last forty years, that low-hanging fruit started disappearing, and we started pretending it was still there.”
According to Cowen, America benefited in the past from three main kinds of “low-hanging fruit:”
* “Free land”
* “Technological breakthroughs”
* “Smart, uneducated kids”
Read the whole thing there.