Found in all North Atlantic economies
- Hence not the fault of the DRHSF--the dirty rotten hippies from San Francisco
Theories of the productivity slowdown
- Environmental cleanup
- Reagan deficits
- Exhaustion of backlog of technological opportunities opened as a result of the Great Depression
- Influx of untrained and callow baby boomers into the workforce
None of these theories is big enough, or coherent enough, or has the right timing
Productivity slowdown of the 1970s remains a mystery...
By contrast, productivity speedup of the 1990s has an explanation: Silicon Valley
- How permanent is the speedup? We don't really know...