It was a case of the old versus the new at the annual American Economic Association meetings last week.
Harvard University economist Larry Summers clung to his doomsday scenario that America is enduring a period of slow growth and ???secular stagnation.??? In my view, it proves Peter Drucker???s criticism that ???economists are the slowest learners.???
Contrary to the doom-and-gloom crowd, including Larry Summers of Harvard University, Robert Gordon from Northwestern University and Tyler Cowen from 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 my Forecasts & Strategies 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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