PRAGMATIC CAPITALISM – What Could Trigger a 4th Industrial Revolution?

There’s been a lot of chatter in recent years about the “new normal” and the “end of growth” where the world just enters this stage of permanent stagnancy.  It all sounds plausible and has become increasingly popular as the temporary balance sheet recession creates the impression that today’s environment is going to last forever.  I don’t believe that’s true.  And while I like to focus on downside risks, I think it’s also prudent to consider the upside risks.

Anyhow, in a recent piece, Dr. Krugman links to a paper by Robert Gordon that discusses the future of US growth and the potential for this permanent stagnancy.  In it he discusses the stages of growth in the USA:
“The analysis in my paper links periods of slow and rapid growth to the timing of the three industrial revolutions:
IR #1 (steam, railroads) from 1750 to 1830;
IR #2 (electricity, internal combustion engine, running water, indoor toilets, communications, entertainment, chemicals, petroleum) from 1870 to 1900; and
IR #3 (computers, the web, mobile phones) from 1960 to present.”

* username: rupertbu