Source: Stanford Economics Professor Charles Jones “Are Ideas Getting Harder to Find?“, Sep 2017
The rate of productivity growth in advanced economies has been falling. . … data on the research effort across all industries shows the costs of extracting ideas have increased sharply over time. … unless research inputs are continuously raised, economic growth will continue to slow in advanced nations.
… more than 20 times as many researchers are needed today to generate about the same amount of productivity growth as 80 years ago. … ideas are becoming more expensive to find. Unless we keep raising research inputs, economic growth will continue to slow in advanced nations such as the US.
Related Resource: Economic Models vs “Techno-Optimism”, Jul 2017
Productivity growth in the US has slowed down markedly since the heady ‘new economy’ days around the turn of the century. The slowdown is similar to the much-remarked experience after the halcyon post-war years.