I have been thinking about alternative theories to explain rich-world income stagnation. And I have come up with something. I call it the “Great Relocation”. The idea, in a nutshell, is that economic activity is relocating from rich Europe, America, and Asia to developing Asia faster than technological progress can replenish it.
Great Stagnation…or Great Relocation?
by Noah Smith
Noahpinion
Economics, geekiness, and distraction from productive activity
http://noahpinionblog.blogspot.jp/2011/09/great-stagnationor-great-relocation.html