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What was different between 1920s and the progress in innovation today?

According to Peter Thiel, 1920s and 1930s was driven largely by a boom in technological and scientific progress. Even though the growth was badly mismanaged, the drivers for growth were solid. Meanwhile in today's world, we do a decent job at managing the economy, but technological growth is actually stagnating, while the big tech companies are still marketing themselves like the driver for the future.

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