You brushed over Technological Progress, which is the No1 driver of productivity in modern Digital economies. The GAFAMs are driving US wealth a productivity and stock market growth. They do three things well outside of classical supply-side economics. 1) They use Demand-side Positive Network Effects not supply side economics. 2) Management is culturally aligned to technology and knows how to implement Digital Technologies using Agile techniques 3) The US knows how to invest in Digital businesses and is not hamstrung by classical economics thinking.
You brushed over Technological Progress, which is the No1 driver of productivity in modern Digital economies. The GAFAMs are driving US wealth a productivity and stock market growth. They do three things well outside of classical supply-side economics.
1) They use Demand-side Positive Network Effects not supply side economics.
2) Management is culturally aligned to technology and knows how to implement Digital Technologies using Agile techniques
3) The US knows how to invest in Digital businesses and is not hamstrung by classical economics thinking.
Look up the numbers of industry robots per 10.000 workers in different countries. The UK isn't even in the top 10..
We throw undertrained people at the problem instead of investing in technology to automate and improve the underlying business models