Have the limits to economic growth really been reached?

Article Highlights

  • Each time economies stumble, some economists discuss why the limits of economic growth might have been reached.

    Tweet This

  • Yet each time, events seem to have proved these pessimists wrong.

    Tweet This

  • Recently, there have been a number of major technological breakthroughs that could be of a transformative nature.

    Tweet This

  • It would seem to be presumptuous to dismiss such breakthroughs as holding little prospect for drastically improving our living standards.

    Tweet This

Dennis Robertson, the renowned Cambridge economist and a contemporary of John Maynard Keynes, famously remarked that economic fashion was like going to the greyhound races. If one stood still long enough, the dogs would come around one more time. This certainly seems to be the case with fashions in economic pessimism about the long-term economic growth prospects of the world’s advanced industrial economies.

Each time these economies stumble, there is no shortage of economists who come out of the woodwork to advance plausible reasons as to why the limits of economic growth might have been reached. Yet each time, events seem to have proved these pessimists wrong — it has turned out that they consistently have tended to underestimate the ability of the human mind to come up with new ideas that might underpin renewed long-term economic growth.

Click here to read the full article on The American.

Also Visit
AEIdeas Blog The American Magazine
About the Author

 

Desmond
Lachman

What's new on AEI

Holder will regret his refusal to obey the Constitution
image 'Flood Wall Street' climate protesters take aim at their corporate allies
image 3 opportunities for better US-India defense ties
image Is Nicolás Maduro Latin America's new man at the United Nations?
AEI on Facebook
Events Calendar
  • 29
    MON
  • 30
    TUE
  • 01
    WED
  • 02
    THU
  • 03
    FRI
Thursday, October 02, 2014 | 9:00 a.m. – 10:30 a.m.
Campbell Brown talks teacher tenure

We welcome you to join us as Brown shares her perspective on the role of the courts in seeking educational justice and advocating for continued reform.

Friday, October 03, 2014 | 12:00 p.m. – 1:00 p.m.
Harnessing the power of markets to tackle global poverty: A conversation with Jacqueline Novogratz

AEI welcomes you to this Philanthropic Freedom Project event, in which Novogratz will describe her work investing in early-stage enterprises, what she has learned at the helm of Acumen, and the role entrepreneurship can play in the fight against global poverty.

No events scheduled this day.
No events scheduled this day.
No events scheduled today.
No events scheduled this day.
No events scheduled this day.
No events scheduled this day.