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Tyler Cowen Urges Innovative Change in Economics

 - Mar 3, 2012
References: marginalrevolution & youtube
Tyler Cowen is a professor of economics at George Mason University. He believes that common ideologies on the future of economics are too optimistic. He argues with authenticity and energy that the effort for innovation is not being prioritized as it should be.

To illustrate his bold argument, Cowen shares the anecdote of the changes made through his grandmother's life versus his own. The early 20th century found the majority of the population living on farms, working hard and leading simple lives. As economics shifted into the 50s, consumerism blossomed.The new dynamics of the work force allowed for money for products, such as cars, homes and luxury products. This major shift occurred in only 50 years.

His grandmother saw drastic changes in her lifespan. However, Cowen makes the point that the common lifestyle today is still parallel to that of the 60s. The only major difference is that of the internet. The acceleration for innovation has slowed down drastically within the current age.