US productivity growth may be surging after a decade of stagnation
By
The Economist
Crumbles when you bite it. Light on filling.
Summary
The article discusses how the U.S. may be experiencing a productivity boom after a decade of stagnation following the 2007-09 financial crisis. The Congressional Budget Office and other forecasters have consistently underestimated productivity growth. The article hints that AI is not yet a major driver of this productivity miracle.
Key quotes
· 3 pulledFor a decade after the global financial crisis of 2007-09 rich-world productivity growth was, by historical standards, deadish.
Since prosperity depends on the ability to produce more with the same labour, this consigned even America to eternal stagnation (and don't ask about Europe).
Partial data hinting otherwise were dismissed as false prophets.
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