Ryan Avent does good work

Ryan Avent talking about global differential growth.

Since 2001 the emerging markets have been outperforming qadvanced market (blue line vs red line), which is standard in theory for catch economies that gain access to technology.

There has been push back against the theory that this is an information revolution, the growth coincides with the growth of the web.  This debate will go on a while.  The background behind the new thinking is that we seem to have equilbriated, to the Keynesians excuses to delusions are gone.
Ryan even sounds lke JDH:

One might then argue that there is a limit on global growth determined by the supply of and demand for critical resources. As the use of the Modern Economy Machine spreads around the world, demand for critical resources rises. If MEM operation involves a fairly inelastic demand for something like oil and oil supplies are constrained in the short-run, then there may be a fairly rigid limit on the growth in global economic potential.

And the global equalization can happen faster than supply line adjust:

Just taking in the past generation of growth, however, it does sort of seem as though the world can only digest a certain amount of growth each year

Once we pass the hysterics of the crash, economists start to think again.