Lurching toward Utopia?
By Arnold Kling
Brad DeLong describes the 20th century as “slouching towards utopia.” He views prospects for the next 20 years as even brighter.
Today’s ongoing revolutions in biotechnology-and-information technology see technological progress of at least 15% per year in industries that make up 13% of total production — a direct leading-sector boost to economic growth of 2% per year. Indeed, today’s world economy packs more structural change and technological progress into a decade than the 20th century packed into a generation.
He also sees the global distribution of income becoming more equal, as the Internet allows the developing countries to enter the white-collar services market.