Technological innovation can drive massive productivity gains – but it is some time since we have had innovations of the size of those in the 1970s and 1980s – when the PC first hit desktops – and ‘productivity software’ followed.
Now industry waits for the next major impetus – and governments hope we might get something of such magnitude that it helps solve the great ‘productivity puzzle’ (whereby productivity growth stubbornly refuses to match pre-economic crisis levels.
Is Artificial Intelligence the answer? AI is being trumpeted as the next big thing – and †he big tech players are investing millions.
Yet, so far, we see better ways to play our music or switch between apps – but nothing significant in the apps themselves … or – even more important – new forms of app.
These might come, of course. Technological revolutions do not happen overnight.
Certainly, at the moment, AI seems to be the only contender for ‘the next big, technological productivity driver’.
Watch this space.