Scientists often bemoan the state of originality in their field. New ideas are getting “harder to find.” Progress in large fields of science and technology is “slowing down.” Scientific knowledge has been in “clear secular decline.” (One wonders about the originality of their bemoaning.) But today’s researchers aren’t getting worse at coming up wit... See more

What’s causing the productivity slowdown? The subject is controversial among economists, and many different answers have been proposed. Some have argued that it’s merely that existing productivity measures don’t do a good job measuring the impact of new technologies. Our argument here suggests a different explanation, that diminishing returns to sp... See more