Checking I understand this right: the paper’s contention is that more R&D, whilst still producing productivity gains, is invalidating gains made from other R@D? e.g. everyone developing their own LLM. It’s an interesting idea, but why would that be happening?
I think the problem might be how you measure productivity.
If you measure effort and output - then surely productivity has gone up - but if they measure it in another way - say capital to return - it might not have?