In the aftermath of the Great Recession, many economists are persuaded that slow growth is here to stay. This chapter argues that technological progress – particularly in areas such as computing, materials, and genetic engineering – will prove the pessimists wrong. The indirect effects of science on productivity through the tools it provides scientific research may dwarf the direct effects in the long run. Although technological advances may polarise labour markets, they also bring widespread benefits that are not accurately reflected in aggregate statistics.
|Original language||English (US)|
|Number of pages||7|
|Journal||Geneva Reports on the World Economy|
|Issue number||August 2014|
|State||Published - Jan 1 2014|
ASJC Scopus subject areas
- Economics, Econometrics and Finance(all)