great paper explaining slow growth in US :

http://piketty.pse.ens.fr/files/Gordon2015.pdf

summary:

Supply side causes

  1. Office rvolution from Internet and smart phones has peaked
  2. Retail evolution from Big box growth is well over
  3. Business dynamism has declined= new startups firm that hire workers are in decline
  4. Decline in education achievement from single parent families

Demand side causes:

from Larry summers- lack of business investment

Perhaps most important, the new economy [9] tends to conserve capital. Apple and Google, for example, are the two largest U.S. companies and are eager to push the frontiers of technology [10] forward, yet both are awash in cash and are under pressure to distribute more of it to their shareholders. Think about Airbnb’s impact on hotel construction, Uber’s impact on automobile demand, Amazon’s impact on the construction of malls, or the more general impact of information technology on the demand for copiers, printers, and office space. And in a period of rapid technological change, it can make sense to defer investment lest new technology soon make the old obsolete.

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