> In the end it looks like we are treading water, just like it was when computers got 1M times faster in a couple of decades, but we felt very little improvement in earnings or reduction in work.

I think this is a very important point. The hedonic treadmill means real gains are discounted. The novelty information cycle is like an Osborn Effect for improvements, like the semi-annual Popular Mechanic's flying car covers where there is an enticing future perpetually nearly here and at the same time disappointingly never materialized.