Friday, February 8, 2013
This talk will cover the long-run history of economic growth - an all-important topic for human welfare - and consider whether regular, steady growth can be expected for humanity looking forward. Is growth really so smooth? How much can we extrapolate from the experience of the last century or so? What should we think of the economist's view that 2.2% is a steady norm for the American economy? How much can poorer economies expect to succeed at the "catch up" game? For all of its significance, it is surprising how little economists know about what causes growth; this talk will take a look at what we do indeed know.