New Delhi, Sept. 15 -- In 2023, University of Chicago economists Chang-Tai Hsieh and Esteban Rossi-Hansberg published a study showing that services in the US were undergoing a radical transformation.

Digital technologies and organizational innovations in retail, hospitality, personal services and medical services, they argued, had enabled some firms to become much more productive and expand their presence in local markets previously served by smaller, less efficient establishments. It was an "industrial revolution in services."

Although Hsieh and Rossi-Hansberg suggested that much of the productivity gain from this trend did not show up in official statistics, even the measured upsurge in services productivity has been impressive.

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