Innovation pessimism_ Has the ideas machine broken down_ _ The Economist

Therev iv alinits bus ines s ac tiv ity s inc e2010s

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Unformatted text preview: turis tic , from touc h­s c reen phones to the ins tantaneous s earc hing of Cas s andr a ­ 45 mins ago great libraries to the power to pilot a drone thous ands of miles away . The rev iv al in its bus ines s ac tiv ity s inc e 2010 s ugges ts progres s is motoring on. Remakin g macro : Building a better model So it may c ome as a s urpris e that s ome in Silic on Valley think the plac e is s tagnant, and Fr ee ex c hange ­ 1 hour 8 mins ago that the rate of innov ation has been s lac k ening for dec ades . Peter Thiel, a founder of Pay Pal, an internet pay ment c ompany , and the firs t outs ide inv es tor in Fac ebook , a s oc ial network , s ay s that innov ation in Americ a is “s omewhere between dire s traits and dead”. Jih ad in No rth Africa: Badlands Next in Un itedaStabt e1 hour 21 mins ago as B ob ­ Engineers in all s orts of areas s hare s imilar feelings of dis appointment. And a s mall but T h e n ext treasu ry secretary growing group of ec onomis ts rec k on the ec onomic impac t of the innov ations of today may pale in c omparis on with thos e of the pas t. Some s us pec t that the ric h world’s ec onomic doldrums may be rooted in a long­term tec hnologic al s tas is . In a 2011 e­book Ty ler Cowen, an ec onomis t at George Mas on Univ ers ity , argued that the financ ial c ris is was mas k ing a deeper and more dis turbing “Great Stagnation”. It was this whic h ex plained why growth in ric h­world real inc omes and employ ment had long been s lowing and, s inc e 2000, had X J ac k be nimble Ku rt Sch witters at T ate Britain : Anything A successor to Timothy Geithner in can be used to make art the economic hot seat Related topics Europe Mas s ac hus etts Ins titute of Tec hnology United Kingdom Paul Romer Pr os per o ­ 1 hour 43 mins ago Demo g rap h y: T he vanishing worker F ro m th e p rin t ed itio n Jan 12th 2013 Buttonwood's notebook ­ 2 hour s 15 mins ago More from our blogs » www.e c onomist.c om/ne ws/br ie f ing/21569381- ide a - innova tion- a nd- ne w- te c hnology- ha ve - stoppe d- dr iving- gr owth- ge tting- inc r e a sing 1/8...
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This document was uploaded on 02/16/2014 for the course MGMT 237 at UPenn.

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