In Search of a Major Technological Breakthrough. Part I. Degrowth: The Uncomfortable Truth Behind the Green Revolution

Since 1971 we have been living in an age of price mega revolution with the average annual rates of inflation reaching their historical peaks in developed economies: +5.3% in the United Kingdom, +4.0 in the United States, and +5.2% in OECD economies. When your best way to solve economic problems is inflation, this directly implies that there is something wrong with rates of technological progress. There is so much talk about wonderful scientific and technological discoveries, while in reality the growth rate of labor productivity has been steadily declining since the early 1970s. A rising number of U.S.-listed firms that…...