January 14, 2013
Do most people value electricity and indoor plumbing more than cell phones and the Internet? In his article, Is U.S. Economic Growth Over?
, economist Robert Gordon argues that they obviously do, and offers this thought experiment to prove his point:
A thought experiment helps to illustrate the fundamental importance of the inventions of [the second industrial revolution] compared to the subset of [computer age] inventions that have occurred since 2002. Continue Reading...