Friday, June 11, 2021

g-f(2)318 The big picture of the digital age (6/11/2021), MIT Technology Review, The coming productivity boom!




ULTRA-condensed knowledge


Opportunity, The ingredients are in place for a productivity boom
  • When you put the three factors together—the bounty of technological advances, the compressed restructuring timetable due to covid-19, and an economy finally running at full capacity—the ingredients are in place for a productivity boom.
Alert, Digital technologies driving a coming productivity boom
  • Driven by advances in digital technologies, such as artificial intelligence, productivity growth is now headed up.
Alert, Digital technologies improving economic growth
  • AI and other digital technologies have been surprisingly slow to improve economic growth. But that could be about to change.
Warning, US labor productivity increased by 5.4% in the first quarter of 2021
  • Productivity growth, a key driver for higher living standards, averaged only 1.3% since 2006, less than half the rate of the previous decade. But on June 3, the US Bureau of Labor Statistics reported that US labor productivity increased by 5.4% in the first quarter of 2021.
Alert, A harbinger of better times ahead
  • There’s reason to believe that this is not just a blip, but rather a harbinger of better times ahead: a productivity surge that will match or surpass the boom times of the 1990s.
Alert, Most OECD countries are just passing the lowest point in a productivity J-curve
  • Our optimism is grounded in our research which indicates that most OECD countries are just passing the lowest point in a productivity J-curve. 
Opportunity, A potential sharp takeoff
  • The productivity J-curve describes the historical pattern of initially slow productivity growth after a breakthrough technology is introduced, followed years later by a sharp takeoff.
Alert, Three reasons to believe the productivity J-curve will be bigger and faster than in the past
  • There are three reasons that this time around the productivity J-curve will be bigger and faster than in the past.
    1. The first is technological: the past decade has delivered an astonishing cluster of technology breakthroughs. 
    2. The digitization and reorganization of work has brought us to a turning point in the productivity J-curve.
    3. The third reason to be optimistic about productivity has to do with the aggressive fiscal and monetary policy being implemented in the US.

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Condensed knowledge



  • Multiple updates (6/11/2021) for those traveling at high speed on GKPath!
Opportunity, The ingredients are in place for a productivity boom
  • When you put the three factors together—the bounty of technological advances, the compressed restructuring timetable due to covid-19, and an economy finally running at full capacity—the ingredients are in place for a productivity boom.
Alert, Digital technologies driving a coming productivity boom
  • Driven by advances in digital technologies, such as artificial intelligence, productivity growth is now headed up.
Alert, Digital technologies improving economic growth
  • AI and other digital technologies have been surprisingly slow to improve economic growth. But that could be about to change.
Warning, US labor productivity increased by 5.4% in the first quarter of 2021
  • Productivity growth, a key driver for higher living standards, averaged only 1.3% since 2006, less than half the rate of the previous decade. But on June 3, the US Bureau of Labor Statistics reported that US labor productivity increased by 5.4% in the first quarter of 2021.
Alert, A harbinger of better times ahead
  • There’s reason to believe that this is not just a blip, but rather a harbinger of better times ahead: a productivity surge that will match or surpass the boom times of the 1990s.
Alert, Most OECD countries are just passing the lowest point in a productivity J-curve
  • Our optimism is grounded in our research which indicates that most OECD countries are just passing the lowest point in a productivity J-curve. 
Opportunity, A potential sharp takeoff
  • The productivity J-curve describes the historical pattern of initially slow productivity growth after a breakthrough technology is introduced, followed years later by a sharp takeoff.
Alert, Three reasons to believe the productivity J-curve will be bigger and faster than in the past
  • There are three reasons that this time around the productivity J-curve will be bigger and faster than in the past.
    1. The first is technological: the past decade has delivered an astonishing cluster of technology breakthroughs. 
    2. The digitization and reorganization of work has brought us to a turning point in the productivity J-curve.
    3. The third reason to be optimistic about productivity has to do with the aggressive fiscal and monetary policy being implemented in the US.


Category 2: The Big Picture of the Digital Age

[genioux fact deduced or extracted from MIT Technology Review]

This is a “genioux fact fast solution.”

Tag Multiple updates for those traveling at high speed on GKPath

Type of essential knowledge of this “genioux fact”: Essential Analyzed Knowledge (EAK).

Type of validity of the "genioux fact". 

  • Inherited from sources + Supported by the knowledge of one or more experts + Supported by research.


Authors of the genioux fact

Fernando Machuca


References

ABOUT THE AUTHORS


Erik Brynjolfsson

Twitter account: @erikbryn
Personal website: brynjolfsson.com


Erik Brynjolfsson is is an American academic. He is a senior fellow and professor at Stanford University where he directs the Digital Economy Lab at the Stanford Institute for Human-Centered AI, with appointments at SIEPR, the Stanford Department of Economics and the Stanford Graduate School of Business. He is also a Research Associate at the National Bureau of Economic Research and a best-selling author of several books. He is known for his contributions to the world of IT productivity research and work on the economics of information and the digital economy more generally. 


Georgios Petropoulos

Twitter account: @georgionomix
Welcome to my webpage!

I am a Marie Skłodowska-Curie research fellow at MIT Sloan School of Management and at Bruegel.

I am a Postdoctoral Associate at the MIT Initiative on the Digital Economy.

I am a Digital Fellow at the Digital Economy Lab of Stanford University

My research focuses on digital platforms, competition policy and the implications of new technologies on labor markets.


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