Die allgemeine Volkswirtschaftslehre geht davon aus, dass Inflation und Produktivität negativ korreliert sind. Die meisten OECD-Länder hatten in den 70er Jahren eine niedrige Produktivität und eine hohe Inflation. In den USA beschleunigten sich die zaghaften Produktivitätsverbesserungen der 80er Jahre und beschleunigten sich in den 90er Jahren, so dass der Durchschnitt 2,5 % über dem langfristigen US-Trendproduktivitätsniveau von 2,1 % lag. In diesem Jahrzehnt bewegte sich die Inflation auf ein für damalige Verhältnisse angenehmes Niveau zwischen 2 und 3 %. Die Verbreitung digitaler Technologien sollte das Produktivitätswachstum in den USA ankurbeln, das ein hohes Niveau erreichte (zwischen +2,25 % und +4,25
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