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Reading Summary - The Decline of Innovation and Economic Growth.docx

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Geography 3422A/B
Milford Green

The Decline of Innovation and Economic Growth 3/11/2013 10:47:00 AM The Decline of Innovation and Economic Growth – Robert J. Gordon  Between 1891 and 2007, the US achieved a robust 2% annual growth rate of output per person  The growth of the past century resulted from a set of inventions between 1875 and 1900 o These started with Edison's electric light bulb (1879) and power station (1882) o Karl Benz invented the first workable internal-combustion engine the same year as Edison's light bulb  As the impact of the late-19th-century inventions faded away around 1970, the computer revolution took over o The bulk of these benefits came early in the Electronics Era:  1960s – mainframe computers churned out bank statements and telephone bills, reducing clerical labor  1970s – memory typewriters replaced repetitive retyping by armies of legal clerks  1980s – PCs with word-wrap were introduced
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