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If he were around now, he'd be making a fortune, Malcolm Gladwell-style, running productivity seminars.
Once the system is up and running, productivity drops dramatically.
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While Amazon once talked up the tablet's ability to run productivity apps and edit photos, all that has fallen by the wayside.
According to Gordon, once "the spin-off inventions from IR #2 (airplanes, air conditioning, interstate highways) had run their course, productivity growth during 1972-96 was much slower than before".
Due to the wonders of compound interest, in the long run productivity growth is virtually everything.
The Bank of England used to assume that in the short-run productivity was closely linked to demand, which the bank steers using interest rates.
Improving Britain's railways, power stations, roads and internet access could provide a short-term economic boost and also increase longer-run productivity.
Therefore, facilitating innovation in this sector might cause a short-run productivity slowdown.
That strategy can provide good GDP numbers but it does relatively little in terms of promoting the true welfare of the Chinese people and in raising the long-run productivity of the economy.
According to a study revealed by Deloitte in 2014, extending internet access in developing countries to levels seen in developed countries today means that long-run productivity could be enhanced by as much as 25%.
Even worse, while military spending clearly provides direct benefits to the Lockheed Martins and KBRs of the military-industrial complex, these investments don't, as economist James Heintz says, boost the "long-run productivity of the rest of the private sector" the way infrastructure investments do.
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