The decline of American growth is no local matter

GordonRobert J. Gordon‘s The Rise and Fall of American Growth may focus on an American economic phenomenon, but the book has grown into a major force internationally since becoming a New York Times Best-Seller this week. Gordon uses past economic revolutions to analyze whether economic growth could possibly continue at the exponential rate at which it exploded in the past. The book is at once a tribute to a century of radical change and a harbinger of tougher times to come. Its message has universal implications that have captivated people across the world.

In France, Le Monde interviewed Gordon and noted that his analysis of the economy could stand for any industrialized country, not just the United States. Gordon speaks here about how the golden age of growth is in the world’s past. Today’s innovations fit into a comparatively small percentage of the overall products used and produced, so any economic change that may occur will be exceptionally slow.

Over in Holland, NRC Handelsblad refers to how unique The Rise and Fall of American Growth is in its stance against the popular opinion that today, progress is moving at a faster rate than ever before.

The Financial Times reports that “As an economic historian, Gordon is beyond reproach”. Looking to the future, Gordon also leaves room in his argument for inventions that haven’t quite reached the market yet. And yet he warns that creations like robots and driverless cars will not lead to any great leap forward in economic progress. Read more in the article to to see Gordon’s argument for the pervasiveness of the stagnation of the economy.

Prospect Magazine calls the book “an extraordinary work of economic scholarship”. Complete with compelling charts, the article explicates the economic issues and facts as presented in The Rise and Fall of American Growth, supported by Lawrence Summers’ personal experiences growing up after the economic turn.

Robert J. Gordon is the Stanley G. Harris Professor in the Social Sciences at Northwestern University. His books include Productivity Growth, Inflation, and Unemployment and Macroeconomics. Gordon was included in the 2013 Bloomberg list of the nation’s most influential thinkers. His most recent book is the New York Times Best-Seller The Rise and Fall of American Growth.

 

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.