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The Coming Productivity Boom


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The Coming Productivity Boom

"The past decade has delivered an astonishing cluster of technology breakthroughs ... even technology skeptics like [economist] Robert Gordon are more optimistic this time. The digitization and reorganization of work has brought us to a turning point in the productivity J-curve."

Productivity growth, a key driver for higher living standards, averaged only 1.3% since 2006, less than half the rate of the previous decade. But the U.S. Bureau of Labor Statistics reported that U.S. labor productivity increased by 5.4% in the first quarter of 2021.

And, driven by advances in digital technologies such as artificial intelligence, there's reason to believe that this is not just a blip, but rather a harbinger of better times ahead: a productivity surge that will match or surpass the boom times of the 1990s.

From MIT Technology Review
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