One of the more elegant explanations for nearly constant productivity growth is that the impact of a given idea on TFP tends to be a function of the current size of the capital stock effected.
Looks like I made it again to Marginal Revolution!https://marginalrevolution.com/marginalrevolution/2018/11/friday-assorted-links-184.html …
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Eg: A new idea to make a better plane has an impact roughly proportional to the number of planes. And so on an so forth, so as capital accumulates The impact of ideas tends to get bigger in exact proportion.
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This would create a strong tendency todards exponential growth. Since ideas would have bigger and bigger impacts.
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But one could argue that ideas that come later, while they affect more % of the stock of capital, they affect it by less. The productivity gains of, say, having basic air mail in shitty biplanes are greater, seemingly, than reducing aerodynamic drag by 3% across a larger fleet
End of conversation
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