Summary: We can understand our potential future only by comparison with our pasts. On the cusp of the Third Industrial Revolution, we can look to the Second for insights as to what lies ahead. First we look at the grim facts of our current slow growth, then at how the Second IR reshaped America. The … Continue reading A look at the wonders coming from the Third Industrial Revolution
Summary: Many people look at the US economy since the crash and deny there has been a recovery. Or a "real" recovery. That's false. This is the 5th in a series about our recovery; today we examine those parts of the US economy that have recovered -- some even making new highs. That's too bad … Continue reading Good news about the US economy!
Summary: Experts have a wide range of forecasts for America's economy. Rapid growth, leading to the singularity. Slow growth, the muddle-through economy. An no growth. Each of these poses different challenges for America. All of these look plausible. Here we look at the darkest of three these scenarios, sketched out by Jeremy Grantham. At the … Continue reading Is America on the road to zero growth?
Summary: Slowly more people see, slowly emerging, one of the great challenge for developed nations' societies: increased productivity creates wealth unimaginable to earlier generations, but its benefits go to those who own the machines. Inequality of wealth creates inequality of income. Marx might have just been right, but early. Today we have a note … Continue reading The coming big inequality. Was Marx just early?
Summary: The first signs of the robot revolution have appeared, automation moving from manufacturing into the service industries. Economists see the evidence but cannot understand. This post provides some explanations to this complex issue. Links to other chapters of this series appear at the end. This series describes a trend that will reshape our world, one which … Continue reading Economists grapple with the first stage of the robot revolution