There is a measurement puzzle in the modern economy: the number of patents has quadrupled over 40 years, there is rapid turnover in consumer electronics and new apps, yet standard economic measures show slower productivity growth today than in the 1950s-1970s (the 'boring pre-digital days').
factualpending
Speaker
Daron AcemogluEvidence Quote
“The number of patents at the USPTO, they have quadrupled over the last 40 years... but using the standard measures of economists, we don't see much improvement in productivity. In fact, we're having slower productivity improvements today than we did in the '50s, '60s, '70s, those boring pre-digital days.”
Created: 8/12/2026, 10:05:02 PM
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