Update: Another Roaring Twenties May Still Be Ahead

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Our Roaring 2020s outlook for this decade centers on the idea that technological innovations such as the so-called BRAIN technologies will be widely adopted by companies, fueling productivity growth that minimizes the economy’s major problem of a tight labor market and drives widespread prosperity. The pandemic derailed a productivity boom that started gathering steam in late 2015 and is just this year getting back on track. … We think the stock market rally that began a year ago reflects the technological revolution at the core of our Roaring 2020s scenario. … Of course, there are doubters; we address each of their main points below.