Interesting view. It seems to me like it makes sense, but I also feel like it’d be valuable for it to be fleshed out and critiqued further to see how solid it is. (Perhaps this has already been done somewhere—I do feel like I’ve heard vaguely similar arguments here and there.)
Thanks! I’m not sure if I made it up or not. I will try to find some time to write more about it.
I think it’s worth noting that, for predictions concerning the next few decades, accelerating growth or “the god of straight lines” with 2% growth are not the only possibilities. There is for instance this piece by Tyler Cowen and Ben Southwood on the slowing down of scientific progress, which I find very good. Also, in Chapter 18 of Gordon’s book on “the rise and fall of American growth”, he predicts (under assumptions that I find reasonable) that the median disposable income per person in the US will grow by about 0.3% per year on average over the period 2015-2040. (This does not affect your argument though, as far as I understand it.)
Thanks! I’m not sure if I made it up or not. I will try to find some time to write more about it.
I think it’s worth noting that, for predictions concerning the next few decades, accelerating growth or “the god of straight lines” with 2% growth are not the only possibilities. There is for instance this piece by Tyler Cowen and Ben Southwood on the slowing down of scientific progress, which I find very good. Also, in Chapter 18 of Gordon’s book on “the rise and fall of American growth”, he predicts (under assumptions that I find reasonable) that the median disposable income per person in the US will grow by about 0.3% per year on average over the period 2015-2040. (This does not affect your argument though, as far as I understand it.)