It was a case of the old versus the new at the annual American Economic Association meetings last week.
Harvard University economistÂ Larry SummersÂ clung to his doomsday scenario that America is enduring a period of slow growth and â??secular stagnation.â? In my view, it provesÂ Peter Druckerâ??sÂ criticism that â??economists are the slowest learners.â?
Contrary to the doom-and-gloom crowd, includingÂ Larry SummersÂ ofÂ Harvard University, Robert GordonÂ fromÂ Northwestern University andÂ Tyler CowenÂ fromÂ George Mason University, who are convinced that we are suffering from another case of secular stagnation, I believe we are entering a second technological revolution. Examples include Artificial Intelligence (AI), self-driving cars, 3-D printers, blockchain and medicine. As I wrote in the December 2017 issue of myÂ Forecasts & StrategiesÂ investment newsletter, the tech-laden Nasdaq is likely to double and then double again in the next 10 years or less.
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