Why is it so inefficient? According to Paul David, the economist who coined the term productivity paradox, laying new technologies over existing infrastructure is “not unusual during historical transitions from one technological paradigm to the next.”10 For example, manufacturers needed forty years to embrace commercial electrification over steam power, and often the two worked side by side before manufacturers finally switched over for good. During that period of retrofitting, productivity actually decreased. In the financial system, however, the problem is compounded because there has been
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