a place like Silicon Valley or a research university like MIT, the rapid pace of innovation is particularly easy to see. Startups flourish, minting new millionaires and billionaires, while research labs churn out astonishing new technologies like the ones we saw in earlier chapters. At the same time, however, a growing number of people face financial hardships: students struggle with enormous debt, recent graduates have difficulty finding new jobs, and millions have turned to debt to temporarily maintain their living standards. FIGURE 11.1 Labor Productivity and Private Employment In this
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