America was going on the greatest, gaudiest spree in history.
— F. Scott Fitzgerald
Astute economists predict we're on the brink of another Roaring '20s, according to Axios.
"The economy may be close to consolidating years of technological advances—and ready to take off in a burst of productivity growth," Axios says. Those advances include digitization, AI, robotics, remote work, solar, and biomedicine.
A spree is overdue.
Although World War II drove three decades of productivity gains, that growth all but stopped in the 1970s. Despite a blip in the 1990s—attributable to computers—productivity has stagnated ever since.
But businesses have been investing in the new technologies over the past decade, and are mastering their use, Axios says. As a result, they're situated at the very bottom of a "productivity J-curve."
They are ready to skyrocket. A survey by the World Economic Forum reveals 80% of businesses are accelerating digitization; 80%, remote work; and 50%, job automation. A big productivity leap is right around the corner.
That's just jake, as they would have said in the 1920's.
