Have we overdosed on techno-optimism?

The value of tech companies appears broadly in line with economy wide shares of surplus captured by firms, provided the tech sector continues to contribute to economy wide productivity growth at levels at, or even below, those seen historically. Arguably we have not overdosed on techno-optimism.

Whether you believe that, however, depends on your view of future productivity growth prospects, the part that tech will play in future productivity growth and the impact that regulation and anti-trust may have in promoting or harming future productivity growth and in altering the share of surplus captured by tech companies.

This paper by Brian Williamson considers the issues.