The rapid development of the new generation of information technology is comprehensively promoting the digital transformation of the economic form，The productivity growth rate, which reflects technological progress and economic growth potential, is showing a declining trend globally，This phenomenon is called the “productivity growth puzzle”。Global productivity growth slowdown，It reflects that the productivity measurement method in bet365 score era needs to be improved，It also shows that the potential of digitalization and information technology to promote productivity growth has not yet been realized。Therefore，How to accurately measure digital economy and productivity，Understand and stimulate new driving forces for productivity growth in bet365 score era，will be an important topic in future economic research and policy formulation。

　　New mystery of global bet365 score slowdown

Throughout the history of human economic development，The law of economic growth is not a smooth process of advancing at a uniform speed，bet365 score driven by innovation and technological progress is the key to sustained economic growth and an increase in per capita income levels。Before the 1870s，Global economic growth is slow；Until mechanization、Electrification、The arrival of the industrial revolution marked by automation，Innovation and technological change have greatly promoted the improvement of labor productivity，The world’s major economies have experienced impressive economic growth。

In the context of bet365 score economic transformation with the rapid development of new generation information technology，The slowdown in global productivity growth in recent years has attracted widespread attention。Based on calculations by McKinsey Global Institute，UK productivity growth averaged 2% per year from 2000 to 2005，But it dropped to 0 from 2010 to 2015.2%。After 2004，Productivity growth in the United States has also fallen sharply，Only 0 in 2010-2015.57%。Similarly，Australia、Japan and some countries in the European Union are experiencing the dilemma of slowing down productivity growth to varying degrees。Although China’s economy has achieved miraculous growth in the past 20 years，But in recent years，Especially after 2008，Total factor productivity growth rate dropped significantly，China’s economy has also entered a new normal of medium to low speed growth。

On the reasons for the slowdown in global productivity growth，There are mainly two different explanations。Some scholars believe that the slowdown in global productivity growth reflects real productivity changes in economies。Today’s innovation and technological progress are far less disruptive than the technological changes during the Industrial Revolution，The potential and impact of digital technology have not been fully realized。At the same time，Capital investment rate decreases、Resource misallocation between enterprises、Production efficiency losses caused by zombie companies and other problems，It is also an important reason for the decline in economic productivity growth。Other scholars believe that the slowdown in global productivity growth is related to underestimating the contribution of bet365 score。Slowdown in productivity growth observed in existing studies，It may be that the difficulty in measuring input and output in bet365 score leads to bias in productivity estimates，Not a real productivity change。Therefore，Accurately measure productivity in bet365 score era，has become an important basis for understanding the current slowdown in global productivity growth。

　New challenges in productivity measurement in bet365 score era

Productivity measures the ratio between factor input and output in the production process，Accurate accounting of production factor inputs and outputs is the prerequisite for productivity estimation。In the traditional industrial economic era，The factor inputs and outputs in the production process are very clear。Among them，Capital、Labor、Land is the main production factor input，The final product produced by the enterprise is output。Total factor productivity is measured，The final output level that can be achieved per unit factor input。Whether it is parametric estimation method or non-parametric estimation method，Both need to rely on factor input and output to construct the production function or production frontier，To estimate productivity。Different from the traditional industrial economy，In the era of digital economy，Digital knowledge and information have become important production factors，The output of digitalization is often difficult to measure，The integration of digital technology and the real economy has even changed the traditional production function form，Making productivity measurement in bet365 score challenging。

The accounting of actual output is the main challenge of productivity measurement in bet365 score，But statistics on bet365 score lag far behind the development of bet365 score。The "Solow Paradox" proposed in the 1980s points out，“The changes brought by computers are everywhere，But it is not reflected in the productivity statistics”。bet365 score era has created many new products、New services and new forms of consumption such as the sharing economy，Reduced search and transaction costs，Enhance the role of intangible assets in the economy，However, these newly created values ​​are not fully reflected in corporate financial statements or official statistics。For example，Suppliers of digital products may sell digital content to consumers，Earn money by selling digital products to third parties and publishing online advertisements，For consumers, all it takes is time，But digital products are free，The value it creates is difficult to accurately measure。Under bet365 score，New products are constantly being created and replacing the original old products，Product price changes may be due to quality upgrades rather than just inflation，Ignoring the upgrade of product quality may also underestimate actual output and productivity。

Digital Economy Satellite Account，DESA) construction，It is a useful exploration for many countries to deal with the statistical challenges of digital economy。Satellite accounts are auxiliary statistical accounts of traditional national economic accounts，DESA is a satellite account that can be used to manage and count the digital economic activities of all institutional departments。DESA takes into account the value of the products and services provided by the digital intermediary platform and the use of digital tools in the production process，And evaluate the value of free services and data provided in bet365 score。In addition，Considering the challenges of productivity measurement in bet365 score，Some research also turns to the measurement of digital economy welfare。For example，Consumer surplus measurement or demand model simulation based on online choice experiments，Ability to measure digital technologies、The welfare improvement brought by products or services to consumers。Although the digital transformation of the economy cannot fully explain the current slowdown in global economic growth，But after considering the bias in digital economy and productivity measurement，Real productivity growth in some economies will likely be higher than currently observed productivity growth。

　　New momentum for productivity growth in bet365 score era

Understanding the new driving forces and growth potential of productivity growth in bet365 score era，It is of great significance for the design and optimization of policies to promote productivity growth。Productivity growth in bet365 score era，Productivity growth not only in the digital technology sector，Including the productivity improvements brought about by the integrated development of digital technology and traditional departments。According to the definition of China Academy of Information and Communications Technology，bet365 score can be divided into two parts: digital industrialization and industrial digitization。Digital industrialization refers to the narrow digital economy composed of the information industry，In the national economic industry, it mainly includes: electronics and communication equipment manufacturing，Telecom、Broadcast television and satellite transmission services，Internet and related services，Software and information technology services and other industries。Industrial digitalization represents the broad digital economy，Refers to the process of integration of information technology and traditional industries，Digital economic activities generated in traditional sectors。

Promote the supply of digital and information technology、Adoption and diffusion are the keys to improving productivity in bet365 score era。With big data、Cloud computing、Blockchain、The new generation of information technology represented by artificial intelligence has typical general technical attributes。The general technical attributes of information technology mean，The technological progress of the information technology department will enable the use of the products of the information technology department、Process and Organizational Innovation，Bringing about technology spillover between departments and within departments。Due to information technology reducing the storage of numbers、Computation and transmission costs，Search in bet365 score、Copy、Transportation、Tracking and verification costs are significantly reduced，Will operate the enterprise、Innovative management and practice have a profound impact，Ultimately transmitted to corporate productivity and operating performance。

Global productivity growth slows，Also reflects that there are still many obstacles in the process of economic digital transformation，Restricts the role of information technology in promoting productivity。Digital transformation is not just the diffusion and penetration of information technology，Successful technology adoption and application is often a process of trial and error，Enterprises are required to have skills、Organizational Change、Process Innovation、Complementary capabilities and assets in business models and other aspects；The lack of complementary capabilities and assets，This may be the reason why productivity growth potential is difficult to realize。Information technology as enabling technology in bet365 score，Challenging traditional business models and ownership of complementary assets，Complementary assets no longer serve as a mechanism for value capture，But as a condition for information technology to function，Difficulty in capturing value has become an important challenge for innovation activities in bet365 score。At the same time，Digital transformation and innovation increase the proportion of intangible assets，Increased the degree of information asymmetry between financing parties，Intensifying financing constraints for innovative enterprises，Thereby inhibiting digital innovation and the adoption and diffusion of information technology。Even taking into account the measurement deviation of productivity，It can be speculated that the impact of the digital technology revolution has not yet been truly felt、With a certain lag。In order to fully stimulate productivity growth in bet365 score era，Optimal design and management of innovation policies are urgently needed，Thus focusing on removing obstacles in the process of digital transformation of the economy。

(Author’s bet365 score: School of Economics and Finance, Xi’an Jiaotong University)