Technology hasn’t drastically improved global productivity
It’s clear that decreasing productivity suggests slumping growth and frozen living standards. Well, for many years, economists keep discussing the causes of the global downtime in productivity. Evidently, one of the most common explanations is that government statistics fail to capture up-to-date innovative solutions, such as Facebook, Google or the World Wide Web.
But in a recent research issued on Friday specially for next week’s conference, an economist of the San Francisco Fed, David Byrne and an expert of the International Monetary Fund, Marshall Reinsdorf, point out that Facebook and Google have much common with traditional television and whatever else humans are used to doing in their leisure hours. Therefore, these developments can hardly boost productivity.
Furthermore, the researchers added that another outcome of the information technology revolution is expected. In this regard, they put much value on cloud computing, to say nothing of the rapid increase in mobility generated by modern smartphones.
The researchers informed they worked with today’s measures for computers as well as communications equipment, which the government doesn’t employ.