http://freakonomics.com/podcast/american-growth/
The American economy in the past 5-10 years has been in funk. Most would assume that this funk is a result of things like our debt to China, NAFTA, big government, taxes, the trade deficit, and the large wealth gap. The thing is though, that our country is going though a bit of a slowing of innovation. Sure there have been incredible advancements in technology, these advancements cannot compare to the first two industrial revolutions that this country have experienced. The second industrial revolution which began in the mid-late 19th century was so great that the standard of living only took 30 years to double as opposed to 350 years in the 14th century. The third industrial revolution began in the 1960's with the invention of the computer and has continued until today. All the advancements since then have been great, but not great enough to really push the economy forward the way in which it has been in the past.
I would have to agree with this statement that our economy is in a funk because the lack major advancements in innovation. We have had a lot of incredible advancements in technology but they haven't had the impact that the industrial revolutions have had on our economy. I wonder what the next innovation that will make an impact on our economy.
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