We are in the midst of a technological revolution, but productivity has not improved.
Image caption,It feels like we are continuing to go through a huge period of innovation and technological advancement, but at the same time, productivity has slowed to a crawl. How can you explain this apparent paradox?
Dame Diane Coyle is the Bennett professor of public policy at the University of Cambridge, and a recognised expert on how we measure productivity. The firm doing the outsourcing gets the best software, updated all the time, and it is reliable and cheap. "I have a wonderful 1885 yearbook of statistics for the UK, it is 120 pages long, of which almost all is about agriculture, and there are 12 pages on mines and railways and cotton mills," she says.
The other argument is that the current technological revolution is happening, but just more slowly than we expect. You can see the same pattern in the use of electricity. The time from Edison's first public use of the light bulb in 1879, to the electrification of whole countries and the replacement of steam power in manufacturing was at least 40 years.
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