I've believed for years that we entered something like a minor dark age (dim age?) on or about 1970, and that computers have become synonymous with "technology" because it was the only sector that didn't get the memo. Everything else basically stopped cold around 1970, and some fields (e.g. aerospace) have actually gone into reverse.
I am very heartened to see people with the fame and fortune of Peter Thiel et. al. raising this issue and basically agreeing, but I have yet to see an explanation that truly seems to work.
Peter I think oversells libertarianism when he blames regulation-- while regulation slows progress by increasing costs and making experimentation hard, free markets' reluctance to invest in "zero to one" ideas also slows progress. Nearly all the "zero to one" stories I am familiar with were government funded, usually in a time of war or threat of war. VCs and other investors normally want to fund "one to N" ideas because there is at least a provable market there and the hard stuff is mostly done already.
I've got some other ideas but I'm curious about what HN thinks.