Putting the Great Stagnation Behind Us

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As For the American economy, the quarter century after World War II represented the “golden age” of the Mass Production Techno-Economic Revolution. Real GDP growth averaged nearly 4 percent annually, driven by labor productivity growth of nearly 3 percent.

Then, almost exactly 50 years ago in 1973, came a sudden and shocking slowdown. This involved a slower pace of productivity and economic growth, w.....