14 A second version of the stagnationist hypothesis, put forward notably by Bob Gordon, does not consider demand and investment but instead focuses on the supply side, and in particular on the rate of growth of productivity, i.e. the economy’s potential output for a given amount of available human and material resources employed in the production process.
15 The key argument here is that the great inventions that have resulted in massive productivity increases have for the most part already been introduced, so that a return to more moderate growth rates is inevitable.