The Rise and Fall of American Growth is a New York Times Best-Seller!

GordonWe’re thrilled to announce that The Rise and Fall of American Growth by Robert J. Gordon will enter the New York Times Best-Seller list at #18 this month. Gordon’s book, which makes a critical contribution to debates surrounding economic stagnation, has been generating a wave of interest, with Adam Davidson’s New York Times Magazine piece on the book set to appear in print on Sunday. Davidson writes that the book “is this year’s equivalent to Thomas Piketty’s ‘Capital in the 21st Century’: an essential read for all economists, who are unanimously floored by its boldness and scope even if they don’t agree with its conclusions.” Robert Atkinson also mentioned the book in the Harvard Business Review, where he calls the stagnation of productivity “the central economic issue of our time.”

Gordon argues that economic growth cannot and will not continue unabated, demonstrating that the life-altering scale of innovations between 1870 and 1970 were unique, and can’t be repeated in our modern society. He contends that the nation’s already-slow productivity growth will be further held back by rising inequality, stagnating education, an aging population, and the rising debt of college students and the federal government:

Gordon infographic

Robert Gordon asks: Has the era of unprecedented growth come to an end?

This will be the fifth appearance of a PUP book on the New York Times bestseller list since 2000. The list includes our classic titles Irrational Exuberance, by Robert Shiller, On Bullshit, by Harry Frankfurt, This Time is Different, by Carmen Reinhart and Kenneth Rogoff, Alan Turing: The Enigma, by Andrew Hodges, and, now, Robert Gordon’s The Rise and Fall of American Growth. Congratulations to Robert Gordon and the Princeton University Press staff who have worked hard to bring this important book the attention it deserves.

Butting Heads (and iPhones): Economists Robert Gordon and Joel Mokyr Duke it Out in the Wall Street Journal

Photo Credit: WSJ.comNorthwestern Professors of Economics Robert Gordon and Joel Mokyr just can’t seem to get along.

In this past weekend’s edition of The Wall Street Journal, the two voice some distinctly adverse ideas about technological innovation in the twenty-first century – on the one hand, its success, and on the other, its stagnation.

Professor Mokyr, author of The Gifts of Athena: Historical Origins of the Knowledge Economy and co-author of The Invention of Enterprise: Entrepreneurship from Ancient Mesopotamia to Modern Times is an economic historian who’s altogether positive about the economic direction of the world-at-large. But this isn’t just blind optimism; in fact, it’s due in large part to the rapid rate of technological innovation. Mokyr notes that “new tools have led to economic breakthroughs,” and that since the field of technology is vast and unremitting, we’re hardly in danger of economic collapse.

“The divergent views are more than academic. For many Americans, the recession left behind the scars of lost jobs, lower wages and depressed home prices. The question is whether tough times are here for good. The answer depends on who you ask.”

But Professor Gordon, a macroeconomist and author of the forthcoming book Beyond the Rainbow: The American Standard of Living Since the Civil War (Princeton), and of the best-selling textbook, Macroeconomics, is hugely skeptical of such theories. He asks us to compare useful and revolutionary objects, like the flushing toilet, to the newest iPad; the former, already invented, is indispensable. Everything created thereafter is simply excess – the cherry on top, if you will. And, as new developments become only incrementally more advanced than their predecessors, technological progress will slowly grind to an anticlimactic halt.

The op-ed also gives some interesting background on both Gordon and Mokyr and tries to posit the origins of their respective beliefs, whether positive or negative. Despite their conflicts, the two can concede to one point: that the twenty-first century is unarguably the best time to be born, and the revelation is certainly an encouraging one.