I ‘ve written quite a few times in the last year about low productivity figures – across all developed nations. I’ve even offered advice on occasions about what might be done to improve the figures – as have better men – and certainly better thinkers – than me.
But the figures stubbornly refuse to rise.
I’ve also tried to explain this – by suggesting amongst other things that we fail to capture the economic benefit of much i-activity. If someone writes an app and gives it away for free , does it contribute to economic activity – directly or indirectly?
Perhaps we have to get used to lower productivity growth – and accept it as the new normal. Perhaps we can then start to havre intelligent conversations about employment, about wages, about interest rates and so forth. Or do we just keep on hoping and praying for a recovery – retaining our old thinking in the face of the overwhelming evidence that things have changed?