- Little spending on R&D
- Largest companies are becoming less globally competitive
- Services are 80% of economy
- Low productivity growth
- Schools teach only debate skills, and then country let clever debaters take over the government
See @Noahpinion: https://www.bloomberg.com/opinion/articles/2017-07-20/the-u-s-special-relationship-with-britain-needs-a-rest … https://twitter.com/AYAYACORE/status/1211113628444872705 …
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Replying to @danwwang @Noahpinion
The only issue I will take with this is that UK productivity growth is terrible over a 10yr view, ok over a 20yr view and good over a 30yr view. It looks a bit like catching down/GFC effect. If it's as poor for the next decade fair, but I would bet it's G7 normal if I had to.
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Replying to @Birdyword @Noahpinion
That’s fair, I should take a harder look at UK relative to G7 or OECD. The structural issue though is that it’s all services. It’s sold many of its technology companies (to the Chinese) and its firms don’t do much R&D. I want to see more tech-driven productivity growth.
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Replying to @danwwang @Noahpinion
I totally agree with that and think the UK critique is broadly right. Relative decline is not well understood in UK politics which is the main problem IMO. Hubris.
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All this applies to the us as well.
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UK relative decline is much steeper than the US! US still genuinely at the frontier for large advanced economies. Productivity growth best of the G7 across all those horizons.
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Molson Hart Retweeted Dan Wang
We have a few giant software companies powering our growth (Facebook, apple, Amazon, google) without them, we are more or less in the same spot. This is what I’m arguing is similar in the us, not the gdp number. https://twitter.com/danwwang/status/1212373124110602243?s=21 …https://twitter.com/danwwang/status/1212373124110602243 …
Molson Hart added,
Dan Wang @danwwang- Little spending on R&D - Largest companies are becoming less globally competitive - Services are 80% of economy - Low productivity growth - Schools teach only debate skills, and then country let clever debaters take over the government See@Noahpinion: https://www.bloomberg.com/opinion/articles/2017-07-20/the-u-s-special-relationship-with-britain-needs-a-rest … https://twitter.com/AYAYACORE/status/1211113628444872705 …2 replies 0 retweets 0 likes -
Replying to @Molson_Hart @Birdyword
There’s also chips and a few other types of industrial technologies that are the best in the world. US has good growth prospects, favorable demographics, and is still where the smartest people can best leverage their abilities.
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Not to the same extent but the UK also, as a fairly large and somewhat pro-immigration country, has the same advantages.
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