February 12, 2004
Economist Hal Varian, in the NYT (Feb. 12, 2004):PRODUCTIVITY growth took a breather last quarter, slowing to 2.7 percent,
after the previous quarter's torrid 9.5 percent growth. Still, by historical
standards, 2.7 percent is a respectable number. From 1948 to 1973, productivity grew at close to 3 percent annually, doubling
the living standard in that period. Then came the dark age of productivity
growth: from 1974 to 1994, it averaged only