The Long Boom?
It’s clear that we won’t likely have an economy where productivity doubles every 12-18 months, but are trend productivity growth rates of 10%+ possible? I think they are. In that scenario, we all get very rich, very fast.
Productivity seems to be on the rise, yes. But so’s fiscal over-prudence and a distaste for spending, probably because of the excesses of the late 90s. And without some spending in the marketplace, it’s unclear how the boom (long or not) can really kick off.
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