From American Spectator; James Piereson
With The Great Stagnation, Tyler Cowen has given us a provocative and highly controversial assessment of the U.S. economy. Cowen, a professor of economics at George Mason University, the co-proprietor of the popular blog Marginal Revolution, and the author of a monthly business column for the New York Times, argues that the U.S. economy has been stagnating for more than a generation due to a slowdown in technological invention and progress. The slowdown in invention is behind several current adverse trends, among them rising inequality, stagnating wages and income for the middle class, rising government debt, protests against government spending, and, even, the recent financial crisis. His case is worth pondering even if in the end the reader may not be convinced that he is right.
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