(1) New Working Paper: the fundamental driver of growth in modern economies, Total Factor Productivity (TFP), is linear, not exponential.
This is a paper I did not expect to write...
In fact, most of the economic innovations of the last thirty years make more sense politically than economically. Eliminating guaranteed life employment for precarious contracts doesn’t re- ally create a more effective workforce, but it is extraordinarily effective in destroying unions and otherwise depoliticizing labor. The same can be said of... See more