It’s also something that really shouldn’t be happening. For we – and it’s us, in tech, driving it – are in the middle of a technological revolution. The two things simply aren’t consistent with each other, and one of them must be wrong.
We cannot be having lovely new ways of doing things, and also have low productivity growth and low real wage growth. It’s like saying we’re going down uply, something that only happens in Escher drawings – and economics is weird but not that weird.