Tyler Cowen on AI Algorithms, Immigration, and Forgotten Truths

In 'The Great Stagnation,' Tyler Cowen posits that the American economy has enjoyed 'low-hanging fruit' since the seventeenth century, including free land, immigrant labor, and powerful new technologies. However, over the last forty years, these easy resources have disappeared, and the economy has failed to recognize this shift. Cowen argues that this has led to a technological plateau, resulting in stagnant median wages and distorted political discourse. He also discusses the impact of the internet and other computing technologies, which, despite their benefits, have not significantly raised material standards of living. The book offers a critical look at the causes of the 2008 financial crisis and suggests potential solutions, including a greater respect for scientific innovations that benefit humanity as a whole.

In 'The Complacent Class', Tyler Cowen argues that Americans have become too comfortable and resistant to change, which has resulted in decreased innovation and increased social segregation. He identifies three types of complacent individuals: the privileged, those who dig in, and those who are stuck. Cowen suggests that this complacency will eventually lead to a major crisis unless Americans embrace change and innovation again.