In previous columns Iâ??ve argued that there are good reasons for worrying about the long-term growth rate of the U.S. economy. The economist Tyler Cowen has made a splash arguing that the â??low-hanging fruitâ? of valuable innovations has been picked through, while I believe demographic factors present the more obvious challenge.
But in thinking through these matters, thereâ??s another complication that needs to be considered. And thatâ??s the fact that growth is getting harder and harder to measure â?? indeed, even to define.
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