NEW NORMAL : SLOW GROWTH I have been pulling this argument out against Krugman/D

http://www.aei-ideas.org/2014/06/team-obama-sorry-america-the-new-normal-may-be-here-to-stay/THE NEW NORMAL : SLOW GROWTH

I have been pulling this argument out against Krugman/DeLong/Thoma since 2006: it’s all well and good to rely on correlation with past data, as long as you understand causality. But we are at the end of over 500 years of anglo expansion of science, reason, law, contract, accounting and finance across the planet. We have to invent something as novel as steam, electricity, computation, and anti-biotics to continue the trend. And, while a few things might increase consumption, the easy gains from labor decreases and informational asymmetry are done.