The writer is author of ‘How Progress Ends: Technology, Innovation, and the Fate of Nations’ and an associate professor at Oxford university
Each time fears of AI-driven job losses flare up, optimists reassure us that artificial intelligence is a productivity tool that will help both workers and the economy. Microsoft chief Satya Nadella thinks autonomous AI agents will allow users to name their goal while the software plans, executes and learns across every system. A dream tool — if efficiency alone was enough to solve the productivity problem.
History says it is not. Over the past half-century we have filled offices and pockets with ever-faster computers, yet labour-productivity growth in advanced economies has slowed from roughly 2 per cent a year in the 1990s to about 0.8 per cent in the past decade. Even China’s once-soaring output per worker has stalled.