Right here within the U.S., at the vanguard of the world financial system, measured producivity development fell off a cliff within the late Nineteen Sixties, recovreed considerably within the Nineteen Eighties, resumed what had been its “regular” pre-1970 tempo within the Nineties with the dot-com growth—after which fell off a cliff once more within the mid-2000s.

Did the neoliberal swing towards “short-termism”, viewing companies as cash-flow engines and nothing else—plus the nice discount in public R&D and infrastructure spending—play a task on this? Maybe. Perhaps even most likely.

May and may we rebuild the company industrial analysis labs that atrophied, at the least considerably, in the course of the neoliberal period? Maybe. Perhaps even most likely.


  1. Typically the very best issues in historical past come from accidents and stupidity.

  2. Collective stupidity enabling particular person intelligence permits us to do sudden issues—generally superb issues (and generally very dangerous issues).

  3. As a result of each establishment has its personal explicit biases and limitations (in addition to strengths), you want a range of establishments if you’re going to obtain huge targets.

  4. The market ain’t going to supply sufficient and the proper of R&D—no single establishment or set of establishments will.

  5. The perfect we will do is to very amply fund as many sorts of R&D establishments as doable.

  6. Hexapodia!

Share Brad DeLong’s Grasping Reality

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *