Tamay Besiroglu

That's even slower than what we're forecasting.

The Industrial Revolution is very slow.

I mean, healthcare is a very big deal.

but that's not the argument right like the point is that there are all these different things that like some of them are maybe more complimentary than others the point is not that you can get to a Dyson sphere by just scaling labor and capital like that's not the point like you need to scale everything at once

So just as you can't get to Dyson Sphere by just scaling labor and capital, you also can't get to it by just scaling TFP.

That doesn't work.

So I think our view here is very much the same.

It is very connected to our view about the software R&D thing, where we're just saying there are these bottlenecks, so you need to scale everything at once.

This is just our general view.

But I think people...

like misunderstand us sometimes as saying that R&D is not important.

No, that's not what we're saying.

We're saying it is important.

It is less important in relative terms than some other things, none of which are by themselves sufficient.

to enable this growth.

So the question is, like, how do you do the credit attribution?

I mean, one way in economics it's standard to do that is to look at the elasticities of output to the different factors.

Like, capital is less important than labor because the output elasticity of, like, labor elasticity output is, like, 0.6, while for capital it's, like, 0.3.

But neither are by themselves sufficient.

Like, if you just scaled one of them and the other remained fixed, then neither would be sufficient to indefinitely scale output.