I think it might be mismeasured along two dimensions. First, so much more in the last 20 years and arguably starting from the 1970s the world is filled with valuable intangibles that are hardly assessed but a much larger part of wealth today. Second, certain intangibles eg. The fact you can die pain free in the last few weeks of your life have incredible value to humans but don’t translate into TFP or GDP very well at all. It’s talked about a little in this Anton Howes podcast. https://www.thendobetter.com/arts/2021/5/21/anton-howes-on-innovation-histroy-the-improving-mindset-and-progress-studies-podcast
I think it might be mismeasured along two dimensions. First, so much more in the last 20 years and arguably starting from the 1970s the world is filled with valuable intangibles that are hardly assessed but a much larger part of wealth today. Second, certain intangibles eg. The fact you can die pain free in the last few weeks of your life have incredible value to humans but don’t translate into TFP or GDP very well at all. It’s talked about a little in this Anton Howes podcast. https://www.thendobetter.com/arts/2021/5/21/anton-howes-on-innovation-histroy-the-improving-mindset-and-progress-studies-podcast