Technology isn’t what it used to be, at least in terms of increasing American workers’ productivity. And that’s bad news for the U.S. economy.
A new paper from the Federal Reserve Bank of San Francisco has found that the big boost that tech gave to American productivity in the late 1990s and early 2000s “has vanished during the past decade.” New and better technology is still helping Americans be more productive, but not anywhere near as much as it used to.
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Venture capitalist Peter Thiel has a succinct mash-up of the two ideas: “We wanted flying cars, instead we got 140 characters.”
Oh, and also the possibility of permanently slow economic growth.
