
“We wanted flying cars–instead we got 140 characters.” Peter Thiel, the tech billionaire made this comment famous in his analysis of the shortcomings of the Future. Robert J. Gordon documents what happened to our Future in this mammoth book (784 pages!). From 1870 to 1970 incredible inventions and changes boosted economic growth in the U.S.: electricity, cars, planes, antibiotics, air conditioning, rockets, and computers. But, as Gordon points out, the pace of innovation has slowed to a crawl. Cat videos on YouTube don’t have quite the economic impact as the invention of the telephone. Gordon’s message in a nutshell is that unless technological innovation increases, the growth rate of the U.S. economy will stagnant (kinda like it’s doing now). If you’re interested in economic history, this magisterial book is powerful and comprehensive. GRADE: A
TABLE OF CONTENTS:
Preface ix
1. Introduction: The Ascent and Descent of Growth 1
PART I. 1870-1940–THE GREAT INVENTIONS CREATE A REVOLUTION INSIDE AND OUTSIDE THE HOME 25
2. The Starting Point: Life and Work in 1870 27
3. What They Ate and Wore and Where They Bought It 62
4. The American Home: From Dark and Isolated to Bright and Networked 94
5. Motors Overtake Horses and Rail: Inventions and Incremental Improvements 129
6. From Telegraph to Talkies: Information, Communication, and Entertainment 172
7. Nasty, Brutish, and Short: Illness and Early Death 206
8. Working Conditions on the Job and at Home 247
9. Taking and Mitigating Risks: Consumer Credit, Insurance, and the Government 288
Entr’acte. The Midcentury Shift from Revolution to Evolution 319
PART II. 1940-2015–THE GOLDEN AGE AND THE EARLY WARNINGS OF SLOWER GROWTH 329
10. Fast Food, Synthetic Fibers, and Split-Level Subdivisions: The Slowing Transformation of Food, Clothing, and Housing 331
11. See the USA in Your Chevrolet or from a Plane Flying High Above 374
12. Entertainment and Communications from Milton Berle to the iPhone 409
13. Computers and the Internet from the Mainframe to Facebook 441
14. Antibiotics, CT Scans, and the Evolution of Health and Medicine 461
15. Work, Youth, and Retirement at Home and on the Job 498
Entr’acte. Toward an Understanding of Slower Growth 522
PART III. THE SOURCES OF FASTER AND SLOWER GROWTH 533
16. The Great Leap Forward from the 1920s to the 1950s: What Set of Miracles Created It? 535
17. Innovation: Can the Future Match the Great Inventions of the Past? 566
18. Inequality and the Other Headwinds: Long-Run American Economic Growth Slows to a Crawl 605
Postscript: America’s Growth Achievement and the Path Ahead 641
Acknowledgments 653
Data Appendix 657
Notes 667
References 717
Credits 741
Index 745