Computer Saturation and the Productivity Slowdown
No 20221006, Liberty Street Economics from Federal Reserve Bank of New York
One of the current puzzles in economics is the recent worldwide slowdown in productivity, compared to the late 1990s and early 2000s. This productivity loss is economically large: if productivity growth had stayed at the same level as in 1995-2004, American GDP would have increased by trillions of dollars. In this post, I discuss a new paper that links this productivity slowdown to saturation in electronics adoption across most industries. I show that most of the productivity growth from electronic miniaturization is concentrated between 1985 and 2005.
Keywords: economic growth; Moore's Law (search for similar items in EconPapers)
JEL-codes: E2 (search for similar items in EconPapers)
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