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Of these, one of the most important and politically consequential is construction.

As the FT’s Cardiff Garcia remarked already in 2014: “For the nearly half-century through 2012, annual labour productivity growth in the US construction sector averaged close to zero, and it has been negative for the past two decades.”This matters because it structures the entire debate about public infrastructure and the capacity for public action, which is so urgent in the US.

But the most important technical changes – electrification, IT etc – are very general in their application.

At varying speeds most sectors benefit from productivity gains.

Whilst Silicon Valley offers a triumphant story of private sector innovation, the public sector finds itself discredited by association with the chronic inefficiencies of the construction sector and megaproject management.

The technical obstacles to efficient construction have political effects.

This is particularly true for housing construction, but the overall data for the construction sector do not suggest a radically different story in the rest of the industry. A recent FT piece highlighted the differences between Japan and the US: “the average Japanese construction worker currently produces about 37 per cent more new housing than the average American construction worker.

One of the basic legitimations of capitalist growth and politics in capitalist democracies is productivity improvement. It can force social upheaval and creative destruction.

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Noah Smith takes up the point from Matthew Yglesias: “the problem with high infrastructure costs is that they force us to debate the wrong things.