Is our economy suffering from attention deficit disorder?

Bank of England’s Andrew Haldane caused quite a stir with his speech “Growing Fast and Slow” where he talked about the forces that underpin economic development. It is not about neoclassical growth theory or the role of education in the industrial revolution – rather he talks about how the internet and social media may be hindering economic growth. Is technology really undermining one of the key psychological prerequisites for economic growth: patience, and the willingness to put off current gratification for future gains? It is an interesting argument but one of which I am not completely convinced of yet. You can read the whole speech here.

 

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