Re: What spare capacity?!
Productivity has stopped increasing, but I don't think it is "way down". In my field of business, productivity increased in the past due to the introduction of computers into the business, and people figuring out how to make the best use of them. I left college at the time when most of them were getting their first computers at the end of the 20th century. I'm not really seeing anything new coming onto the market now that would improve our productivity any further.