The productivity slowdown: Is structural stagnation our fate?
In my widely overlooked book, After the New Economy, I initially took a very skeptical line towards the productivity acceleration of the late 1990s. I dismissed it as temporary and bubble-like, and an artifact of very imperfect measurement. When I wrote a new afterword for the paperback edition, though, I recanted my skepticism: the acceleration seemed to be going on long enough that, as painful as it was to admit, the bourgeois functionaries were right. Robert Solow’s famous 1987 quip, “You can see the computer age everywhere but in the productivity statistics,” had finally been repealed…. Read More