"Innovation in a specific area slows or stops all the time" Yes, but the general pace of innovation in the entire economy including areas that are slowing down

"Innovation in a specific area slows or stops all the time" Yes, but the general pace of innovation in the entire economy including areas that are slowing down or starting up is pretty consistent. One thing I'd like to make clear is I'm not just talking about 1950-2010 growth rate, I'm talking Industrial Revolution (around 1800 depending on where you are) to now. Ever since society realized we could build machines fueled by energy to increase productivity we've been growing at roughly a 2% pace. Even if it isn't immediately clear where the new productivity gains will come from (although I'd argue there are plenty of promising areas) I think it's more likely than not going to continue. some possible areas - AI, 3d printing, falling renewable energy prices, continued marginal gains from computers, quantum network communication, longer term - quantum computers, expansion of VR, driverless cars, etc. Point being there are a lot of promising areas on the horizon.