Sinking into the ‘great stagnation’

The future is not what it used to be. Nor is the present. This is the theme of The Great Stagnation by Tyler Cowen of George Mason University. This is an influential, albeit depressing, little book, first published on the internet.* Its theme is in its subtitle: “How America ate all the low-hanging fruit of modern history, got sick and will (eventually) feel better.” The book is a model of popular writing: lucid, brief and provocative. But is the argument also true? If so, what might it imply?

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