Edmund Phelps: Slowing Innovation Slowed Productivity

The video discusses the decline in American productivity, linking it to a slowdown in innovation since the late 60s and early 70s. It highlights the impact of innovation on GDP, particularly in the capital goods sector, and explores Ned Phelps' views on economic dynamism and savings. The challenges of measuring productivity and the changing value of labor are also examined.

What factors contributed to the decline in American productivity according to the text?

How did the speaker describe the relationship between innovation and productivity?

What was the significance of Ned Phelps' speech at the Bank of International Settlements?

What does the speaker suggest about the measurement of productivity in the current era?

According to the text, what impact does the decline in the value of labor-produced goods have on wages?

What does the speaker imply about the innovation inputs from Silicon Valley?

How does the speaker view the changes in economic dynamism in the US and Europe?