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It's easy to see how the tech improvements we have had since 2005 are not economical technological improvements. For example, by 2005 (when the slowdown in Lab
by generj 11y ago
It's easy to see how the tech improvements we have had since 2005 are not economical technological improvements.
For example, by 2005 (when the slowdown in Labor productivity began) most of the benefit of computers for most everywhere had been accomplished. Microsoft's dream of a PC on every desk was realized. Email was everywhere. For the average office worker, were there any major productivity gains from tech left? Nope.
Most tech improvement since then has been mostly about entertainment and mobility. Entertainment doesn't enhance the economic definition of technology, and the increase in mobile tech is probably a mixed bag in terms of productivity.
Prior to 2005, the productivity came from a revolution in computers and the Internet. Now we are just refining that revolution. To get high productivity gains, we need another revolution of some sort.
3D printing is nearly at prime time, which should greatly enhance manufacturing and design productivity. I don't know if that will have a great impact or not, but eventually there will be some disruptive technology that will bring real change.