Because technology doesn’t fix upper management flaws

There is also another side to this: a lot of these “tech companies” are not really built to provide meaningful products and services, instead their aim is for speculative valuation in the stock market.

There is also the use of tech in bussiness that is inherently unproductive economically. Like all the shops on Amazon, they are mostly selling the very same thing out of Amazon’s warehouse bins. These “online business entrepreneurs” aren’t actually adding anything new to the market.

Then there is also tech companies “cannibalising” on existing markets. For every tech companies rapidly rising, there are tens to hundreds of brick and mortar businesses going under. Added together the total sum of resultant economic growth will of course be very much smaller than expected.

Productivity is just measured differently. Every major company has a hand full of process engineers and PPI teams whos only task is to speed up processes and save the company money. The money saved is thrown into a bucket called productivity but its expected YoY for the various different groups. If they stop to use whatever changes its not measured negatively which is confusing.

It does, however the result is that the small group of assholes that “own” the company get insanely rich. Workers rarely benefit from increased productivity.