Analysis of US Economic Growth and Technological Impact

This report analyzes the potential for continued economic growth in the US, referencing a TED Talk and relevant literature. It addresses concerns about job displacement due to technological advancements and automation. The report argues that rather than viewing technology as a threat, the US should focus on integrating with it, viewing machines as partners, and embracing innovation to drive future growth. The report highlights the importance of adapting to technological change, reorganizing factories, and maximizing productivity. It draws parallels to the second industrial revolution, emphasizing the positive impacts of general-purpose technologies. The conclusion supports the idea that economic growth remains possible in the US, provided that the nation adapts and embraces technological advancements.

Running head: TED TALK ON US ECONOMIC GROWTH 1
Ted Talk on Us Economic Growth
Name
Institution

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Is economic growth still possible in the US or has the US growth peaked?
According the Ted Talk watched, the machines are increasingly taking on more jobs and
many people find themselves out of the work and with raises indefinitely being postponed. The
speaker raises the question, “is this the end of growth”? However, the speaker answers this to the
negative way and proceed to say, ‘No’. The speaker has clarified that this is merely the growing
pains of the radically reorganized US economy. This presents a clear case of riveting case for the
reason big innovations are ahead of the people of the US holding the thinking that computers
being the teammates of the people of the US.
This video presents the fundamental key to growth as the people of US race with the
machines. This is presents a bright future whereby machines serve as the powerful tools as well
as partners. The only thing that has to be done to shape this future is the ability to keep up with
the innovation pace. There is still big innovation ahead of the US and this will facilitate growth.
The US needs to create a shared prosperity by avoiding any attempt to slow down technology but
rather than racing against the machine, the US people must learn to race with the machine.
Those who think that this is the end of growth are missing the point since they are doing
nothing other than misdiagnosing the end of innovation which in a nutshell are really the mere
growing pains of the novel machine era. The solution is that technology is never our destiny but
it is possible to shape our destiny by racing with technology (grand challenge) without which
technology will run ahead and leave many people behind. Where people race against technology,
only few people will have jobs making the income to decline and stagnate (Gordon, 2014).
But by understanding the drivers of growth resulting from digital, exponential and
combinatorial technology which are great game changes, there will be great fruits as each
innovation remains a building block for a new innovation hence growth continuity. This means

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that growth is never dead yet but the US only needs to redefine, reorganize and reinvent their
factories to align to the growing technology and hence trigger increase in productivity.
Even though it is worth noticing that more jobs are lost as a result of technology, it must
be appreciated that racing with technology will be the answer to this to prevent the declining
income by maximizing on the innovation that are ahead of us. This can be explained by the better
productivity performance in the second phase of industrial revolution whereby productivity
remained an all-time high despite recession (Brynjolfsson, 2014). This explains the benefits that
have already been realized from such general purpose technology like computers and electricity
which have only led to the continuity of growth. Therefore, economic growth is still possible in
the US and it is never dead/peaked.

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References
Brynjolfsson, Erik. (2014, February). The key to growth? Race with the machines. [Video file].
Retrieved from:
http://www.ted.com/talks/erik_brynjolfsson_the_key_to_growth_race_em_with_em_the_
machines#t-699439
Gordon, R. ((2014, January 20)) The demise of U.S. economic growth: restatement, rebuttal, and
reflections.. The Washington Post. Retrieved from
http://apps.washingtonpost.com/g/page/business/the-demise-of-u-s-economuc-growth-
restatment-rebuttal-and-reflections/823/