It is sooner than we think..

As a follow-up to my recent post on productivity, let me just add this quote from the excellent Barry Eichengreen, who knows as much about earlier waves of technology and innovation as any one out there: 

"Thus, it is at least conceivable that what we are experiencing at the moment is not secular stagnation but a fit of impatience. It is not unprecedented for three decades of incremental innovation, standardization and adaptation to have to pass before the efficiency advantages of radical new network technologies begin to show up in TFP statistics."  

Some technical bits, but well-worth reading the whole thing.  As the Anglo-Saxons used to say: "Mon sceal... gebidan t?s he geb?dan ne m?g."  One must wait for what cannot be hastened.