Oil and gas in the capitals ///

Robert Gordon’s recently published book, The Rise and Fall of American Growth, is the most discussed book in Washington, D.C. Dr. Gordon is an economist at Northwestern University. His thesis is that the incredible technological innovations of the 1870–1920 period were a “one time in history” event that cannot be replicated. Innovations, such as electricity, telephones, indoor plumbing, AC, cars, airplanes, radio, sanitation, refrigeration, antibiotics, etc., transformed the U.S. They were responsible for the extraordinary growth in U.S. (and world) GDP and incomes over the past 150 years—especially the “golden period” of 1945-1970. According to Gordon, no other similar, historical period has brought comparable progress, or is likely to again.

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