Carl Benedikt Frey thinks the productivity gains are more muted, and the macro risks more pronounced, than in the dot-com bubble.

"Past innovation-driven booms—like the 1920s and in the 1990s—have led the market to overpay for future profits even though the underlying innovations were real."

Carl Benedikt Frey thinks the productivity gains are more muted, and the macro risks more pronounced, than in the dot-com bubble.