Over five decades, the developed world has experienced the great inflation, the great moderation, the great recession, the jobless recovery, secular stagnation, a savings glut, and a “once in a century pandemic” among other crises and economic events. Through it all, economic growth, productivity growth, and capital investment have remained disappointingly weak. The advent of a stream of new digital technologies, a wide array of fiscal and monetary policy actions, and a broad set of new worker skills, all have failed to compensate for economic volatility. The fear is that employment and incomes are threatened by the impact of artificial intelligence (AI) automating workers’ jobs.
The Productivity Institute was created by the UK government ...
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