The astonishing pace of technological progress over recent decades has failed to lift growth rates in advanced economies such as the United States. During the pandemic, many rushed to declare the accelerated use of digital services a turning point. But as we wrote then (and since), the exuberant growth impacts were unlikely to materialize – and they didn’t.

Understanding technology’s past disappointments helps clarify future potential. One reason for the meek showing is technology is only the fuel. Productivity growth also needs a spark to ignite effective technological  adoption.