The Great Stagnation: How America Ate All the Low-Hanging Fruit of Modern History, Got Sick, and Will (Eventually) Feel Better is a pamphlet by Tyler Cowen published in 2011. It argues that the American economy has reached a historical technological plateau and the factors that drove economic growth for most of America's history are no longer present. These figurative "low-hanging fruit" include the cultivation of much free, previously unused land, technological breakthroughs in transport, refrigeration, electricity, mass communications, sanitation, and the growth of education. Cowen, a professor of economics at George Mason University, theorizes that these factors have contributed to stagnation in the median American wage since 1973.
The concept of a "Great Stagnation" has been contrasted with the idea of the "Great Divergence", a set of explanations that blame rising income inequality and globalization for the economic stall. Related debates have examined whether the internet's effect has yet been fully realized in production, if its users enjoy a significant consumer surplus, and how it might be further integrated into the economy. The final set of questions concerns appropriate policy responses to the problem.
The pamphlet, first published in January 2011 as an ebook, is 15,000 words long and was initially priced at US$4. A hardback version, which Cowen dubbed "the retrogression", was published in June 2011.[1] While not all reviewers agreed with Cowen's thesis and arguments, the book was largely welcomed as timely and skilled in framing the debate around the future of the American economy.
^Cowen, Tyler The Great Stagnation: How America Ate All the Low-Hanging Fruit of Modern History, Got Sick, and Will(Eventually) Feel Better Dutton, 9 June 2011. ISBN 0525952713
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