“Productivity … isn’t everything, but in the long run it’s nearly everything.” Paul Krugman, The Age of Diminished Expectations (1994).
So in the very long run, what’s the Australian experience? I recently did some work with the Department of Communications and the Arts on digital techniques and developments. Specifically, we were looking at the impacts advances in fields like machine learning, artificial intelligence and blockchain may have on productivity in Australia. I worked with a great team at the department led by the Chief Economist Paul Paterson and we’re looking forward to our report being published.
In the meantime, here’s the very long run on productivity downunder.