(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...
Takes that aged badly: see this from 1937 the problem with our modern world is all of these newfangled toilets and umbrellas get rid of the books!
Progress is mostly about what does not happen. Progress means a 92-year-old who did not die today, a boy who was not robbed on his way to school, a 12-year girl who is not married to a 30-year old man, etc. What did not happen does not make the news. The best parts of civilization don’t get headlined.