? One interpretation is that automation, information technology, and technological progress in general are encroaching upward in the task domain and beginning to substitute strongly for the work done by professional, technical, and managerial occupations. While one should not dismiss this possibility out of hand, it doesn’t fit well with the pattern of computer and software investment. If information technology is increasingly replacing workers high in the skill distribution, one would expect a surge of corporate investment in computer hardware and software. 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.