…that helps explain why America’s apparent boom was built on borrowing.
The information technology revolution is worth cheering about, but it isn’t sufficient by itself to sustain strong growth—especially since much of the actual production of tech gear shifted to Asia.
With far fewer breakthrough products than expected, Americans had little new to sell to the rest of the world.
Exports stagnated, stuck at around 11% of gross domestic product until 2006, while imports soared. That forced the U.S. to borrow trillions of dollars from overseas.
While Wall Street’s mistakes may have triggered the financial crisis, the innovation shortfall helps explain why the collapse has been so broad.
Game Theory has been nuthin’ but self-serving rather than true community and solid efforts?
A Bad Nine Years
