Over at Equitable Growth The estimable Neil Irwin and Tyler Cowen get, I think, things wrong here.
First, Tyler, commenting on Neil:
Tyler Cowen: Facts about non-residential investment: "One simple hypothesis is that it’s not worth spending more on American workers at current wage levels. As workers, while Americans are quite good, they are just not that much better than a variety of high-IQ individuals in cheaper countries, many of whom now have acceptable infrastructure to work with. READ MOAR