American National Debt
razib | August 23, 2009Arnold Kling mulls over various options when it comes to tacking the American national debt. Here's the one which is out "get-out-jail-free" card:
2. Technology to the rescue. Some major technologies, probably either wet or dry nanotech, produce so much economic growth that the ratio of debt to GDP stays under control. I give this a 20 percent chance. Sometimes I think the chances are higher, maybe even 50 percent. It's a difficult estimate to make--today, I'm in a mood to say 20 percent.
I think information technology is great, but at some point we probably need to increase productivity more…