One of the great paradoxes of recent economic history is how little the information technology sector has contributed to overall productivity. Economist Raicho Bojilov examined total factor productivity across the major industrial economies from the 1970s to the present and observed: Somewhat surprisingly, we do not witness, even with a lag, a major pickup in…
Read MoreExcept in Africa and South Asia, the world’s population is aging rapidly. Between 2010 and 2050 the proportion of Americans over 65 will nearly double assuming constant fertility and immigration. By 2034 the Social Security Trust Funds will be depleted. By that time there will be two Americans over 65 for every five Americans of…
Read MoreThe digital age produces binary outcomes. Winners tend to win overwhelmingly—in war as well as in business. The Soviet Union crumbled in the late 1980s when American technology bested Soviet military spending, then estimated at a quarter of GDP. The enormous Russian bet on military power lost and Communism fell. America emerged from the Cold…
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