The data presented in the article suggests that productivity growth in developed countries has declined after the global financial crisis of 2008-2009 compared to the 1990s and the first half of 2000s. As the article points out, a major "question is why new technologies like improved robotics, cloud computing and artificial intelligence have not prompted more investment and higher productivity growth." The article examines three hypotheses that contend to explain this puzzle. What is the first hypothesis noted in the article? How plausible is this hypothesis in explaining the decline in productivity despite the advent of new technologies?