[Marxism] Fwd: Robert J Gordon and the rise and fall of American capitalism | Michael Roberts Blog

Louis Proyect lnp3 at panix.com
Mon Feb 15 05:43:29 MST 2016

In the last few years, Robert J. Gordon, a professor of economics at 
Northwestern University, has persistently argued against the trendy view 
of the moment that robots, AI and other ‘disruptive technologies’ are 
about to launch the global economy into a productivity boost never seen 
before.  I have commented before on Gordon’s series of papers developing 
this proposition.

And very recently, Gordon presented his arguments yet again at ASSA 2016 
when he critiqued a paper by David Kotz and Deepankur Basu at an URPE 

As Gordon says succinctly in that critique: “The evidence accumulates 
every quarter to support my view that the most important contributions 
to productivity of the digital revolution are in the past, not in the 
future.  The reason that business firms are spending their money on 
share buy-backs instead of plant and equipment investment is that the 
current wave of innovation is not producing novelty sufficiently 
important to earn the required rate of return.”


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