Part 2/6:
However, the data tells a different story. Economists measure productivity by comparing inputs (like labor, capital, and technology) with outputs (goods and services that can be sold). This "total factor productivity" shows that despite the steep increase in the number of researchers, the growth in productivity has remained largely constant over the past decades.
This trend is not limited to the economy as a whole - it can be seen in specific sectors as well. Agricultural yields and the number of new drugs approved by the FDA have both failed to keep pace with the growing number of researchers.
The Decline of Novelty and Disruptiveness
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