Economist challenges FT AI-productivity chart: utilisation-adjusted TFP grew just 0.1%/year since 2023
MaMoMVPY · x · 2026-11-01
Economist Lars Christensen argues FT's viral 'AI productivity surge' chart is misleading: US tech/finance productivity took off in 2020, before ChatGPT, driven by overheating from ultra-loose fiscal and monetary policy. Citing San Francisco Fed's Fernald utilisation-adjusted TFP, growth since end-2023 is 0.1%/year vs 2.5%/year measured output per hour — the gap is a hot economy, not AI.
Related event: FT Chart on AI Productivity Sparks Misreading, Prompting Clarifications(4 posts)→
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