The Great Stagnation(?) by Tyler Cowen:

This mini-book appeals to me because it talks about economic progress/stagnation/crisis as primarily attributable to innovations. However, his surprisingly compelling idea, to account for our global economic finance bubble, seems to clash directly with Kurzweil's portrayal of miraculously smooth technological advance. (Although Ray does talk about an overall exponential composed from S-curves through successive paradigms.)

I came upon this (£2 Kindle app special) book via a link to this blog post considering stagnation vs relocation (of the world's economic centre to China).

* The Book's Central Thesis in A Nutshell Painted by Me:

The natural course of technological innovation, following the tree of scientific discovery, yielded many 'low hanging fruit' from 1870-1970 that greatly benefited the whole of western society. Transport, communications, home conveniences, mass production, free fertile land for US settlers and perhaps cheap fossil fuels. These rapidly raised the standard of living for just about everyone (in America), doubling it ~ every 25 years, also creating universal employment.

However, in the the last 40 years there have been no innovations with the same level of wide ranging public utility. We, in the developed world reached a plateau of of technological productivity gains in the 1970s. Advances since then have been *marginal improvements* that have mostly benefited private consumers (to an extent dependant on wealth). The lack true economic growth was hidden by the uncertain value of growing government expenditure. [Perhaps outright "Pollyanna Creep" too (my thought, or rather Douglas Rushcoff's from "Life Inc.").] Markets and individuals, caught up in the endemic false expectation of continuously strong growth (from the previous period of reaping 'low hanging fruit') all simultaneously overstretched to the point of buckling.

The Internet is a sole exception of innovation, in that it has had a great qualitative benefit to peoples lives, for that part of society sufficiently educated to enjoy it's many wonders. However, it has not yet raised standards of living as ubiquitously as did electricity in homes. Furthermore, it contributes very scantly to employment and GDP. Computers do almost all the hard work, so massive companies (Google, Facebook) have few employees, hence (in part) the 'jobless recoveries' of the last 2 decades. Also, it's very difficult (or just plain unnecessary), to monetise most internet content. Time well spent on-line, for the individual, may well decrease spending elsewhere, hence reduce GDP and government tax income. The net is just too damn efficient!