The Great Stagnation: How America Ate All The Low-Hanging Fruit of Modern History, Got Sick, and Will (Eventually) Feel Better: A Penguin eSpecial from Dutton

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Penguin, Jan 25, 2011 - Business & Economics - 71 pages
8 Reviews
Tyler Cowen’s controversial New York Times bestseller—the book heard round the world that ignited a firestorm of debate and redefined the nature of America’s economic malaise. 

America has been through the biggest financial crisis since the great Depression, unemployment numbers are frightening, media wages have been flat since the 1970s, and it is common to expect that things will get worse before they get better. Certainly, the multidecade stagnation is not yet over. How will we get out of this mess? One political party tries to increase government spending even when we have no good plan for paying for ballooning programs like Medicare and Social Security. The other party seems to think tax cuts will raise revenue and has a record of creating bigger fiscal disasters that the first. Where does this madness come from? 

As Cowen argues, our economy has enjoyed low-hanging fruit since the seventeenth century: free land, immigrant labor, and powerful new technologies. But during the last forty years, the low-hanging fruit started disappearing, and we started pretending it was still there. We have failed to recognize that we are at a technological plateau. The fruit trees are barer than we want to believe. That's it. That is what has gone wrong and that is why our politics is crazy. 

In The Great Stagnation, Cowen reveals the underlying causes of our past prosperity and how we will generate it again. This is a passionate call for a new respect of scientific innovations that benefit not only the powerful elites, but humanity as a whole.
 

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LibraryThing Review

User Review  - LisCarey - www.librarything.com

This is a long essay about what Tyler Cowen considers to be the real roots of our current economic and political frustrations: a stagnation in technological advances that started around 1970. This ... Read full review

LibraryThing Review

User Review  - dasam - LibraryThing

A provocative thesis that the "low hanging fruit" are gone in advanced economies like the US, and growth must be slowed from now on until truly game-changing technologies are invented. Not sure I agree, but it is well worth the read and stimulating to thought. Read full review

Contents

The LowHanging Fruit We
Our New Not So Productive Economy
The Government of LowHanging Fruit

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About the author (2011)

Tyler Cowen is a professor of economics at George Mason University. He is the author of Discover Your Inner Economist and The Age of the Infovore, and he coblogs at www.marginalrevolution.com, one of the world's most influential economics blogs. He writes regularly for The New York Times and has been a contributor to The Wall Street Journal, The Washington Post, The Wilson Quarterly, and Slate, among many other popular media outlets.

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