Analytsts have often said economic growth will continue indefinitely over the long term, as populations grow and technologies advance.
But, Financial Times columnist Martin Wolf isn’t sure he agrees. Instead, he argues productivity may actually start to decelerate and adds, “Unlimited growth is a heroic assumption” since the future is unknowable.
He mentions research that asserts the second industrial revolution—which resulted in the use of cars, oil and gas, and running water—was much more profound than the third, which brought about the information age.
In his view, computers and technology have mostly transformed global communication and the entertainment industry, and have done little to boost real economic productivity.
Read more on how innovation and growth is slowing worldwide.