Sep
18th
Tue
18th
Over the last 150 years, it seems that the maximum productivity growth the economy could achieve over a long period of time was 3 percent annually—despite a series of productivity-enhancing innovations, from the steam engine to the Internet. [Alan Greenspan’s] conclusion? “What ultimately looks to be the case is that’s the pace at which human beings operate,” he said. People simply can’t process new ideas more quickly. “The answer is that the human race, no matter how one defines it, is not smart enough to do better.
