How the U.S. explains its problem of lessened productivity amid a technology revolution. “We can see innovation everywhere but in the productivity statistics.” This sentence that paraphrases economist Robert Solow, is by now a common observation in Washington, D.C. In the United States, policymakers worry about the fall in their national productivity. Despite its recovery in 2017, it is still performing well under par by historical standards. Productivity change in the nonfarm business sector, 1947-2017 Source: U.S. Bureau of Labor Statistics The government has an explanation. They claim that invention has grown at a speedy pace, but it has not diffused to firms. This disconnect, in turn, is related to with the lack of entrepreneurial spirit. New firms are not […]
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