Financial Times on Nostr: America has an innovation and incumbency problem ========== Michael Peters, a Yale ...
America has an innovation and incumbency problem
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Michael Peters, a Yale economist, reports that US labor productivity averaged 2.3% from 1947 to 2005 but fell to 1.3% from 2005 to 2018, costing America $11 trillion in output; despite concentrated corporate power, the US has seen higher GDP growth than most of the western world, with tech comprising a third of the US stock market compared to less than 5% in the UK; Trelysa Long from the Information Technology and Innovation Foundation argues that concentrated industries saw higher productivity growth and compensation from 2002 to 2017, suggesting that breaking up large companies is anti-worker; current news cycles are overshadowed by trivial disputes, neglecting vital policy issues.
#Innovation #Economy #CorporatePower #Productivity #Gdp #Us #Policy #Economics #Labor #Technology
https://www.ft.com/content/f8a8f753-74fa-4c03-ba5f-acb6480c6d48
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Michael Peters, a Yale economist, reports that US labor productivity averaged 2.3% from 1947 to 2005 but fell to 1.3% from 2005 to 2018, costing America $11 trillion in output; despite concentrated corporate power, the US has seen higher GDP growth than most of the western world, with tech comprising a third of the US stock market compared to less than 5% in the UK; Trelysa Long from the Information Technology and Innovation Foundation argues that concentrated industries saw higher productivity growth and compensation from 2002 to 2017, suggesting that breaking up large companies is anti-worker; current news cycles are overshadowed by trivial disputes, neglecting vital policy issues.
#Innovation #Economy #CorporatePower #Productivity #Gdp #Us #Policy #Economics #Labor #Technology
https://www.ft.com/content/f8a8f753-74fa-4c03-ba5f-acb6480c6d48