May 18, 2014

The Future of U.S. Economic Growth

paper (draft) by John Fernald and Charles I. Jones addresses the future of growth in the US. They argue that the contribution to economic growth of traditional sources - capital, labor, and ideas, might decrease. And there will be a shift towards research done in countries such as India and China, and towards artificial intelligence.

An interesting figure from the article: 
Freeman (2009) points out that in 1978, China produced almost no Ph.D.’s in science and engineering, but by 2010, they were producing 25 percent more than the United States.

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