Innovation and the Productivity Acceleration of the Last Five Years

The pendulum in each of these continua can do nothing but swing back and forth. Companies move toward one extreme as it becomes more popular, then the drawbacks surface and they move back toward the other. People move on mass toward one view, and when it turns out that no view can hold the answer, they move away from it. For example, in the 19 nine s, information technology was thought to hold the answer to increased corporate efficiency. A great deal of the decades, bull market was fed by gams in productivity,. which contributed greatly to both earnings and the p e ratios investors applied to them.