What accounts for the disconnect between a rising innovation effort and declining productivity gains?

In OECD countries since the 1990s, there has been: An increase in the innovation, automation and corporate modernisation effort; A decline in productivity gains. How can the simultaneous presence of both trends be explained? We see five possible explanations: The presence of companies that have dominant positions and that use innovation to protect themselves from potential competitors; The abnormally high required return on equity, which reduces corporate investment, in particular when it comes to investments with a long-term horizon; The concentration of wealth, which deprives many people of the capital needed to invest and finance projects; The fact that innovation and automation create few skilled jobs and many low-skilled jobs (online platforms, etc.); The low level of skills, which means that companies cannot hire workers cap able of using innovations.