(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...
What distinguishes human economies is merely that they recognise that the chief business of any social system – or, indeed, of any system of the production and distribution of material goods – is the creation and mutual fashioning of human beings. Indeed, one could well argue that it’s only the emergence of commercial currencies that made it... See more