If one sentence were to sum up the mechanism driving the Great Stagnation, it is this: Recent and current innovation is more geared to private goods than to public goods. That simple observation ties together the three major macroeconomic events of our time: growing income inequality, stagnant median income, and the financial crisis.
Tyler Cowen
financial-crisis, financial-crisis-of-2007-2011, income-inequality, innovation, recession, technology, technology-enchantment, the-great-stagnation, the-recession