This smoothing feature can create large distortions between economic reality and the pension-financing cost accrual embedded in the income statement.
For the 80 years before then, Gordon asserts that economic growth was sparked by three great inventions: the electric light bulb, the internal combustion engine, and wireless signals. He noted that these three inventions eventually led to rounds of spinoffs that transformed society. Gordon sees no such round of spinoffs from the IT revolution, biotech, or such advances as 3-D printing.