Question

__ IV THE DEMISE (END) OF U.S. ECONOMIC GROWTH?

      Gordon (G) reports that from 1870 to 1970, official U.S. output per person grew 2.4% per year (Seidman said it was 1.1% (higher, lower), hence 3.5%); also G praised the investments from 1970 to 2000. But in the past two decades G said this growth rate has (fallen, risen) a lot because of several “h___-w___s”: (1) an increasing share of the population is r_____d instead of w_____g; (2) the increase in the e________ of the population has slowed; (3) the increase in w____ working for p__ has slowed. Gordon says all of these are (likely, unlikely) to continue in the next three decades. Also he says technological progress has (slowed, quickened); he contends that the rate of tech progress has been (over, under)estimated by tech op______s, such as their claim a decade ago that a significant share of c__s and t____s would be d_________ today.          

Answer 1

Gordon (G) reports that from 1870 to 1970, official U.S. output per person grew 2.4% per year (Seidman said it was 1.1% (higher), hence 3.5%); also G praised the investments from 1970 to 2000. But in the past two decades G said this growth rate has (fallen) a lot because of several “head winds”: (1) an increasing share of the population is retired instead of working; (2) the increase in the education of the population has slowed; (3) the increase in white working for pay has slowed. Gordon says all of these are (likely) to continue in the next three decades. Also he says technological progress has (slowed); he contends that the rate of tech progress has been (over)estimated by tech optimists, such as their claim a decade ago that a significant share of cars and trucks would be driverless today.