The Importance of Non-Standarity in Economics

Do you think we've run out of ideas or innovations? I don't know how to answer that one. You've spent a lot more time thinking about innovations than I do. So if you just worked out the average over that whole 70 years for a lot of things, it wouldn't help you because the two halves are so different. That's why you have to look at these big long-standing,. sorry, not long-standing, these big, slow-acting forces. It's so hard to get them into an econometric model or even any sort of informal model... But they should be there.