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> innovation is the true source of value. Nations that are more innovative will ultimately prevail. Really? Because the upside (spread) for innovation and prod
by rrggrr 9y ago
> innovation is the true source of value. Nations that are more innovative will ultimately prevail.
Really? Because the upside (spread) for innovation and productivity gains is much higher for developing nations (eg. China) than it is for developed nations (eg. USA). Every tic up in productivity in the US only exacerbates the existing underemployment and declining wage problems the United State already faces. Whereas, innovation and productivity gains in China are reinvested in new Chinese capacity, albeit more horizontally or vertically spread than would have been seen 5 years ago. In sum, you are wrong.
- Animats 9y agoPiketty says that industrializing countries can develop at a rapid pace until they catch up. Then they're stuck at a max of about 5% growth, reflecting technological progress.