The iPhone just turned 10 and Apple sold 1.2 billion of the device which has transformed our lives, and reshaped the world economy into the “app economy.” The transportation industry has been deeply disrupted by Uber, and Facebook has redefined advertising while Airbnb has revamped hospitality. It will take years to grasp the profound change triggered by mobile devices on our society, how it has affected our relationships with our loved ones and how it has impacted the way we perceive the world around us, think and act.

If we just look at the bottom line, the app economy has failed to deliver economic growth, and unlike earlier technology revolutions like the computer in the ‘70s and the Internet in the ‘90s which have boosted labor productivity and growth. The app economy has contributed to the continuous decline of U.S. worker productivity since 2010, as described by Robert Gordon in his book, The Rise and Fall of American Growth.

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