America is experiencing a productivity miracle (it’s not because of AI)

As with many miracles, the spectators initially couldn’t believe their eyes. For a decade after the 2007-2009 global financial crisis, the rich world’s productivity growth was – by historical standards – dead.

Since economic prosperity ultimately depends on the ability to produce more with the same amount of labor, this plunged even wealthy America into eternal stagnation (and don’t ask Europe).

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