My sense is that cyclical factors likely contributed to the most recent advances and thus a slowing in productivity growth is likely. Such a cyclical slowing is not a concern in itself, but a simultaneous drop-off in the underlying trend rate of productivity growth could significantly impair our economic prospects. Certain circumstances argue against such an occurrence.
History contains several precedents of sustained periods of elevated productivity growth, and, in general, the conditions prevailing during those periods appear to exist today. In addition, the technological underpinnings of the current boom appear secure. However, other forces bear close watching.