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From “ Total Factor Productivity Growth in Historical Perspective” referenced in the article: > Economists have long found that they can explain only a portion
by pete_nic 5y ago
From “ Total Factor Productivity Growth in Historical Perspective” referenced in the article:
> Economists have long found that they can explain only a portion of economic growth by the growth of inputs to production, such as the number of hours worked or the amount of capital used. The unexplained (or residual) portion, which presumably reflects advances in production technologies and processes, is conventionally attributed to all of the production factors together and is referred to as total factor productivity (TFP) growth.
I don’t think it’s fair to blame Uber for the lack of economic growth for the entire USA.
In addition, the paper referencing the economic slowdown compares 1970-2006, 36 years, to 2006-2016, 10 years. And during those 10 years the housing bubble collapsed. The dates selected appear cherry picked to show the largest decline possible.