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What part of that crude or reductionist? Technological progress being the sole driver of growth is the dominant view in macroeconomics. Even the paper you link
by oa335 4y ago
What part of that crude or reductionist?
Technological progress being the sole driver of growth is the dominant view in macroeconomics. Even the paper you link attests to that.
- airstrike 4y agoIt's reductionist because "technological progress" is too broad a stroke. "Productivity" is not directly observable or measured, right? Access to inexpensive capital is a key driver of technological progress. Robust capital markets allow for more efficient allocation of savings into business ventures, driving productivity forward