Subject: OT: Productivity growth
This "The Economist" article makes me rethink my skeptical stance re high valuations (not changing that I rather err on the safe side), whether they might not be simply justified.

https://archive.ph/zUgeD

Quote:
Jerome Powell, the outgoing chair, bore witness at a recent press conference. “I never thought I’d see this many years of really high productivity,” he marvelled in response to a question from ´The Economist´.

On the other hand this:
The indirect effects of America’s energy boom may be yet more consequential. Electricity is an input into just about everything and Americans pay half as much for it, on average, as Europeans and a third less than the Japanese. When it is inexpensive and abundant, workers and machinery can keep producing as much as possible without worrying too much about energy use.

may point to things changing going forward, as the oil supply shock won´t be suddenly over even if the war ends tomorrow, but will have far-reaching effects well into at least next year (as far as I know).