A new book by George Mason University Economics Chair Tyler Cowen has inspired spirited debate among beltway and economics circles. Published only as an e-book, The Great Stagnation: How America Ate All the Low-Hanging Fruit of Modern History, Got Sick, and Will (Eventually) Feel Better argues that America's economic growth plateaued in the 1970s. Median wages have stagnated since, he says, because we have eaten all the low hanging fruit that enabled innovation to flourish and average income to grow across the board.
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