S3 Ep4: Artificial Intelligence and the next Industrial Revolution with Professor Nicholas Crafts
The We Society
The Future of the Capitalist Economy
We're essentially an economy which is capable of growth that they wouldn't have dreamt of in the 16th century. But it's a relatively modest kind of growth rate compared with what we saw in many countries, including our own, in the 20th century. We were able to grow our labor productivity increase of about 2% a year in the 30 or 40 years before the financial crisis. That's way above anything they could have done through most of the Industrial Revolution. I do find it extraordinary looking back. There we were, 780 to 1860. The most dynamic capitalist economy on the face of the earth. Then 150 years later, you certainly can't say that.
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