Today, about four out of every five dollars spent in the OECD economies purchases services or intangible goods. This “dematerialization” of economies demands a more nuanced understanding of what drives productivity. The word “productivity” typically calls to mind industrial assembly lines pumping out cars or washing machines, breakfast cereal or shoes. The word may also conjure images of crops being harvested, livestock being butchered, or houses being built. It is less likely to elicit thoughts of haircuts, streaming television, or mortgages. Yet nowadays, it is largely these kinds of intangible goods and services that define economies. Many economists equate “total…

I ordinarily do not rejoind rejoinders to my pieces. My philosophy is that, the same freedom I enjoy to air my views is same the person penning the rejoinder has. However, I have had to break this principle, in reply to the doggerel written by Mr Laolu Akande, Special Assistant to the Vice President on Media. Of a truth, after reading his, with the benefit of hindsight, I felt I shouldn’t have written it, thus saving Nigerians the horror of encountering Mr Akande in his rawest fit. I have known the presidential media assistant for more than two decades now…