Latest / The Productivity Podcast with Fexingo: Output, Efficiency, and Long-Term Economic Growth
Why the 1970s Productivity Puzzle Still Matters
Episode 31 of The Productivity Podcast digs into the 1970s productivity paradox—a period when US productivity growth collapsed from 3 percent to just 1.5 percent annually despite massive R&D spending, rising education levels, and computer adoption. Lucas and Luna unpack the three leading explanations: the oil shock hypothesis, the measurement error theory, and the structural shift from manufacturing to services. They explore how this decade-long slowdown shaped everything from wage stagnation to the rise of shareholder capitalism, and why understanding it matters for today's AI-driven…
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