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by lisa_henderson
3254 days ago
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You won't find anything in any set of economic statistics that can offer the slightest justification for this statement: "The JavaScript ecosystem nowadays is responsible for the global revolution the same way steam engines were responsible for the first industrial revolution" That is ridiculous. Here is reality: 1.) Labor productivity has been in long-term decline, though computers did cause a temporary surge in the 1990s. See the charts in this post: http://www.bradford-delong.com/2017/07/monday-smackdown-repu... 2.) Economic growth remains sluggish, especially compared to the post war boom of 1945-1973. 3.) The railroads sparked a massive investment boom. The only time computer technologies came close to triggering a similar boom was during the 1990s. |
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If I read the graphs from the link correctly, they show that % productivity growth is declining. Still it is positive thus the productivity by itself continues to grow. Hard to say from the graphs, but it looks like absolute productivity growth per year is bigger (or at least the same) as in the 50's: avg 2.5% growth over 60-70 years means ~5x increase of absolute value, thus 4% / year growth in the 50's is the same absolute value as ~0.8% growth today.