00:00 Speaker A
Well, I don’t think we’re quite there yet, right? I mean it was these numbers are highly volatile and subject to revision, but 2.1%, that’s in line with the postwar average.
00:07 Speaker A
So we’ll take that. That’s good. It’s better than that one and a half percent that we dealt with for 15 years. But guys, total factor productivity, which is at the end of the day how we’re going to measure this.
00:15 Speaker A
That’s how we’re going to get our cake and eat have our cake and eat it too if total factor productivity rises. It’s not quite there yet. You know, the increase in productivity we’re we’re we’re observing right now
00:23 Speaker A
is a function of what happened during the pandemic. when we didn’t have AI, we were just dealing with machine learning, right? very early form.
00:28 Speaker A
We won’t see really any any impact from AI for good another three to five years. You know, I’m an economist, to be honest with you, listening to tech guys is gotten a little tiresome.
00:36 Speaker A
They’re full of shit for the most part, right? Yeah. We’re not going to have a jobs apocalypse even though for the last five years, that’s all they said until they realized the public turned on them, you know.
00:45 Speaker A
So, we’re going to see I think, a real increase in productivity, but not until it’s it’s quite a ways away, guys.
00:54 Speaker A
Because we love to talk about the frontier models that four companies use, right?
01:00 Speaker A
Yeah, we need to see that integrated into the real economy before we get that big payoff, which is why we’re having some of this volatility right now because the returns on investment likely aren’t going to meet the investment, match the investment.