Instead, Figure 6 shows that in early 2014, information processing equipment and software investment was only 3.5 percent of GDP, a level last seen in 1995 at the outset of the “dot-com” era. To me, the evidence in Figure 6 suggests a temporary dislocation of demand for information technology capital during the latter half of the 1990s, followed by a sharp correction after 2000. I suspect that the huge falloff in information investment may have dampened innovative activity and demand for high-skilled workers more broadly.