It seems to be taken as an inalienable fact by many that productivity has been terrible and will continue to be so for the foreseeable future. In reality, however, productivity growth has been improving moderately over the last few years and is likely to continue to do so in the coming years.
In this week's Economics Weekly, we once again examine the productivity question, with the conclusion that the COVID crisis has likely given productivity a huge boost that should continue for several years to come.
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Richard de Chazal, CFA is a London-based macroeconomist covering the U.S. economy and financial markets.