So much for that AI-driven productivity boom, says Apollo’s Torsten Slok.
Or as he puts it “the AI boom is clearly visible in investment data and in equity valuations, but it is not yet visible in the productivity statistics, which means the productivity payoff from AI remains a forecast rather than an observation.”
This somewhat echoes Robert Solow’s famous quip “you can see the computer age everywhere but in the productivity statistics “.
My personal theory as to why this is the case is that the information economy’s ability to increase productivity is offset (if not surpassed) by its ability to manufacture influencers, hackers and scammers. So it’s a wash.