There is a perennial worry among economists that the much celebrated capacity of the U.S. to produce innovation is about to have run its course. Joseph Schumpeter, the most influential historic voice to have explained America’s decades-long economic expansion, noted that upon the widespread adoption of electricity in the 1920’s and 30’s, many theorists believed they had seen the “exhaustion of technical possibilities.” This idea was commonly used to explain the Great Depression.
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