Why the Economic Payoff From Technology Is So Elusive

Economists have asked why all our technical wizardry seems to be having so little impact on the economy. The productivity puzzle has given rise to a number of explanations in recent years — and divided economists into technology pessimists and optimists. Some economists insist the problem is largely a measurement gap, because many digital goods and services are not accurately captured in official statistics. But a recent study by two economists from the Federal Reserve and one from the International Monetary Fund casts doubt on that theory.