Ben Bernanke's Graduation Speech At Bard College

The chairman of the US Federal Reserve challenged a pessimistic vision of our economic future by Robert Gordon and others who argue that productivity growth will be less than it has been in the past.
He believes that we have not scratched the surface of advances in information technology.  He also argued that we will continue to see advances in healthcare and in the use of renewable energy sources which will improve our future.  He also suggested that ideas are being generated in more parts of the world and quickly transmitted by modern communication systems.  The flow of new ideas will be much greater than they were in the past.  He concluded by making a case for a liberal education which develops critical thinking and creativity.  That puts him at odds with those who would like to see more emphasis on vocational education.  The ability to rapidly adapt to change is more important than the development of skills that are quickly outdated.