Final answer:
The recent productivity slowdown can be attributed to a complex mix of factors including the long-term effects of the 2008-2009 recession, skepticism about the sustainability of gains from the advances in the 1990s, and changes in economy-wide technology integration affecting GDP per capita.
Step-by-step explanation:
An explanation for the recent productivity slowdown could involve several factors. After a period of heightened productivity growth in the late 1990s, largely attributed to advances in information and communication technology, the economic downturn caused by the recession of 2008-2009 greatly disrupted productivity trends. Despite high productivity in 2009 and 2010, stagnation has been evident over the last decade. Changes in the economy, such as new technology, can affect the number of jobs and how productivity is measured, impacting long-term productivity growth. This in turn affects the economy's rate of long-term economic growth and wage increments.
Moreover, the debate on whether the U.S. has entered a "new economy" continues, with some believing the high productivity era can last decades, while others view the spurt as a temporary phase without long-term implications. The 2008-2009 recession adds complexity to interpreting these trends. The aggregate production function and its components—human capital, physical capital, and technology—play a fundamental role in shaping productivity and overall economic growth.