Unemployment rates in the U.S. and the U.K. might be low, but a stall in productivity proves that both economies are far from full health, according to Nobel prize-winning economist Paul Krugman.
The noted Keynesian said Thursday that there had been an "unprecedented stall in productivity" in the U.K. since 2006, adding that the U.S. wasn't "doing great either."
There were several reasons for this shortfall, according to Krugman, who was speaking at the University of Oxford's Saïd Business School. These included a lack of improvement in technology and also the possibility that the U.K. was in a "disguised depression."
"All technology from the iPhone onwards has had zero impact on the British economy. It's made no progress whatsoever despite all of this stuff," he told the audience.