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It’s not about the low hanging fruit, it’s about the ideas

In 2012, Robert Gordon famously proposed that growth was stalling because most of the low hanging fruit of innovation had probably already been picked.As the original paper argued:The growth of productivity (output per hour) slowed markedly after 1970. While puzzling at the time, it seems increasingly clear that the one-time-only benefits of the Great Inventions and their spin-offs had occurred and could not happen again. Diminishing returns set in, and eventually all of the subsidiary and complementary developments following from the Great Inventions of IR #2 had happened.If the theory is true, no degree of long-termist investor attitude can arguably turn the trend around.Though, to be clear, Gordon’s innovation slowdown argument went beyond simply a shortage of new ideas. He isolated six

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In 2012, Robert Gordon famously proposed that...

Izabella Kaminska
Izabella Kaminska joined FT Alphaville in October 2008, which was, perhaps, the best time in the world to become a financial blogger. Before that she worked as a producer at CNBC, a natural gas reporter at Platts and an associate editor of BP’s internal magazine. She has also worked as a reporter on English language business papers in Poland and Azerbaijan and was a Reuters graduate trainee in 2004.

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