Tyler Cowen’s book makes some interesting points. His argument is the low hanging fruit of productivity has already been picked. To boost U.S. productivity and worker income will not be easy. This is consistent with an economic development professor I had in grad school. He told us that throughout much of U.S. history, the country had a surplus of natural resources and a shortage of labor. Thus is made sense to invent the cotton gin and the McCormick reaper. Simple devices made everyone in agriculture more productive. When people are in short supply and very productive, their wages are high.
The antibiotic crisis is sobering.
Tyler Cowen’s book makes some interesting points. His argument is the low hanging fruit of productivity has already been picked. To boost U.S. productivity and worker income will not be easy. This is consistent with an economic development professor I had in grad school. He told us that throughout much of U.S. history, the country had a surplus of natural resources and a shortage of labor. Thus is made sense to invent the cotton gin and the McCormick reaper. Simple devices made everyone in agriculture more productive. When people are in short supply and very productive, their wages are high.
I especially liked Megan’s talk.
Great links. Thanks for posting.