As Bob Solow famously said, just before the increase in productivity growth of 1996–2003, “the computer is everywhere except in the growth data.” And there are serious researchers who have made serious arguments that we will soon be seeing more rapid growth in the productivity data.
[16] Instead, they hold on to their old cars for longer, with the average age of passenger cars having risen to 12 years, from 7 to 8 years not so long ago. In other words, even as past shocks abate, their broader repercussions may have persistent effects on the future productive capacity of the economy.