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There is no productivity crisis, experts say

Illustration: Rebecca Zisser/Axios

One of the biggest puzzles in economics is why U.S. productivity growth is so sluggish despite low unemployment and record corporate profits — apart from a spurt during the dotcom boom, the rate has been under half the historical trend since 1970.

What's going on: A group of economists say they have an answer: we are in the middle of a gigantic but invisible technological transition. And, when it's over, productivity growth will return closer to its historical trend.