Growth in R&D spending is down from its 1980s/90s level. But R&D as a share of the economy is growing. What gives?
R&D investment grew in all but one quarter between 1980 and 2001. That stopped, and we don't really know why.
Software has innovated at roughly the same pace as manufacturing, trade, and agriculture. Agree or disagree with Peter Thiel's politics, he's trying to explain something that isn't happening.