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Abstract:
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Robert Gordon is the Stanley G. Harris Professor of Economics at Northwestern University and author of The New York Times bestseller The Rise and Fall of American Growth: The U.S. Standard of Living Since the Civil War. Gordon will discuss productivity growth trends over the past 150 years and their implications for economic growth over the next 25 years. He will emphasize the difference between healthy productivity growth during the "dot.com" decade of 1995-2004 and the disappointing productivity growth of barely 1.0 percent per year since 2004. His contrast between innovations over the past three decades and those foreseen for the next few decades will be supplemented with a review of the "headwinds" of inequality, demographics, education, and fiscal reckoning that are in the process of pulling down the feasible growth rate of real median disposable income relative to the growth rate of output per hour.
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