Fundamental Technological Progress Driving Economic Growth
We Are Nearer to the Beginning of Economic Growth than to Its End
Peter Schwartz, Salesforce
There is an active debate today about whether we have reached a structural slowdown in economic growth due to the fact that fundamental technological progress is over. This view reflects a failure of both imagination and analysis. The history of scientific and technological application shows long lead times between research and application. We may therefore only be in a transitional stage between technological leaps, which is resulting in a slowdown in the pace of growth. Current research in areas such as ICT and big data, biological and molecular engineering, and understanding gravity will create vast new technologies, whole new industries and a great many sources of economic growth. We need to think beyond restrictive mindsets and consider how to make this transition as efficient as possible.