There has been some prognostication in the US that the era of new-technology driven innovation is coming to an end. Robert Gordon writes “global growth is slowing – especially in advanced-technology economies. Regardless of cyclical trends, long-term economic growth may grind to a halt. Two and a half centuries of rising per-capita incomes could well turn out to be a unique episode in human history.”

But the emergence of the newly, developed economies, the range and scale of grand challenges facing the world, and some reflection on Kondratiev long wave theory and evidence would suggest this is unlikely to be the case.