I have said before that I think we are on the cusp of a macro revolution where more and more of the beliefs that we have held for decades are not only being scrutinised, but replaced with new, more accurate paradigms. The last time I wrote about how inflation expectations may not be all that relevant for inflation after all. That of course means that monetary policy has focused on the wrong metric to manage inflation. Now let’s look at technological progress and the fundamental assumption that productivity grows exponentially.
What if growth isn’t exponential, but linear?
What if growth isn’t exponential, but linear?
What if growth isn’t exponential, but linear?
I have said before that I think we are on the cusp of a macro revolution where more and more of the beliefs that we have held for decades are not only being scrutinised, but replaced with new, more accurate paradigms. The last time I wrote about how inflation expectations may not be all that relevant for inflation after all. That of course means that monetary policy has focused on the wrong metric to manage inflation. Now let’s look at technological progress and the fundamental assumption that productivity grows exponentially.