It could be that the nature of technological change isn’t causing the slowdown but a shift in values. It could be that in an industrial economy people develop a materialist mind-set and believe that improving their income is the same thing as improving their quality of life. But in an affluent information-driven world, people embrace a postmaterialist mind-set. They realize they can improve their quality of life without actually producing more wealth.
David Brooks reviewing Tyler Cowen’s e-book The Great Stagnation. Read the whole review HERE.